Oil Prices Continue to Slide as Peace Talks Progress
Europe’s EV Boom Accelerates as Chinese Brands Gain Ground What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… Crude oil prices extended their decline today, withBrent crudesliding to $77.51 per barrel at the time of writing, andWest Texas Intermediateat $73.62 per barrel, on reports that the United States and Iran were making progress in their peace talks.
The latest updates from the negotiations table include a report that the United States will waive sanctions on Iran’s oil industry for the 60-day duration of the cessation of hostilities agreed earlier this month.
The two parties also agreed on a mechanism to end fighting between Israel and Lebanon, Reutersreportedon Monday.
Also on Monday, Bloomberg reported that at least three supertankers, carrying a total of 6 million barrels of Iranian crude, moved to transit the Strait of Hormuz, in open AIS navigation showing Singaporean waters as a destination.
That’s the most Iranian crude openly making its way out of the key Iranian oil port at Kharg Island and into the Strait of Hormuz in a day since the war began on February 28, according to Bloomberg’s estimates.
The news pushed oil prices lower, with U.S.
gasoline prices extending their decline to six weeks.
“Looking ahead, the key uncertainty remains how quickly oil flows through the Strait of Hormuz can normalize,” ING commodity analystswrotein a note today.
“While the consensus is that this normalisation will take months rather than weeks, price action in the oil market suggests a more rapid recovery,” Warren Patterson and Ewa Manthey also said, noting, however, that the ceasefire remains fragile and hostilities could reignite at any moment.
“Transits over recent days look to have risen sharply, (which) the market will treat as a proxy for both physical oil, perhaps paper oil, and diplomatic progress,” Sparta Commodities’ head of research, Neil Crosby, wrote in a note, ascitedby Reuters.
“It feels like we will be stuck in this bearish risk-off/optimistic mood until such time as something changes.” Greek Energy Pulls In $26B As Europe Scrambles To Replace Russian Gas UK Has Enough Electricity for Winter Despite Energy Market Turmoil What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… Oil Prices Jump After U.S.
Strikes Iranian Missile Sites Oil Prices Plunge as U.S.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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