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Strategies & Market Trends : Dino's Bar & Grill
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To: Goose94 who wrote (48088)8/24/2018 2:45:32 PM
From: Goose94Read Replies (1) of 203397
 
Crude Oil: WTI prices are on track to close out the week with strong gains, after several weeks of declines. The EIA data showing a steep decline in crude stocks helped push prices up on Wednesday and return a sense of bullishness to the market. “Both crude markers are on track to end a steady run of weekly declines. This is largely due to a tightening fundamental outlook on the back of looming Iranian supply shortages,” Stephen Brennock analyst at London brokerage PVM Oil Associates, told Reuters.

U.S. sanctions on Iran’s oil take effect in November, but already countries around the world have been slashing purchases, which are affecting Iran’s exports. “Third-party reports indicate that Iranian tanker loadings are already down by around 700,000 bpd in the first half of August relative to July, which if it holds will exceed most expectations,” investment bank Jefferies said on Friday. “We expect that by Q4 the market will be dealing with either undersupply, dwindling spare capacity - or both.”
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