As the unexpected oil drain surges to 6.1 million barrels—the most in two months—the US SPR falls below 300 million barrels functional limit. Trouble!!

Featured Story

On Monday, oil prices climbed on global markets due to concerns that a resolution to the impasse between Iran and the United States may take some time to materialize. This impasse has essentially blocked the Hormuz Strait, thru which 20% of the world’s hydrocarbons are typically transported.

In early afternoon trade in London, the benchmark Brent contract for October delivery was up $1.08 at $84.63 a barrel, while the price for September delivery of American oil was up 84 cents at $79.02 a barrel. This came after Tehran denied any conversations with Washington.

In remarks made on Sunday nite, Iranian Foreign Minister Abbas Araghchi contradicted statements made by senior American officials, including President Trump, who had said that progress on reopening the crucial canal was imminent. Even tho they weren’t meeting in person, Araghchi did note that the two sides were communicating.

Trump stated his belief that Iran would eventually back down because to the immense economic and inflationary pressures imposed on it.

Mohammad Bagher, head of Iran’s supreme national security council, had earlier said that the strait would stay closed until the US agreed to Iran’s six demands, which included ending hostilities, paying war reparations, lifting sanctions, and unblocking frozen Iranian assets.

Don't Miss

No Financing And No Demand: Chinese Refiners Run Into Trouble

By StevieRay Hansen

International banks are suspending credit lines for some independent oil refiners worried about the growing risk of defaults across industries because of the coronavirus epidemic,…

The World Has Gone Nuts High-Income Taxpayers Now Confronted At Home By IRS Agents

By StevieRay Hansen

They perverted justice among themselves (v. 7): “You turn judgment to wormwood, that is, you make your administrations of justice bitter and nauseous, and highly…

Will COVID-19 Lead To A Gold Standard?

By StevieRay Hansen

Even before the coronavirus sprang upon an unprepared China the credit cycle was tipping the world into recession. The coronavirus makes an existing situation immeasurably worse,…

Deutsche Bank, Donald Trump, And An Epic Trail Of Destruction

By StevieRay Hansen

The Institutional Risk Analyst, we review the new book by David Enrich, “Dark Towers: Deutsche Bank, Donald Trump, and an Epic Trail of Destruction.” Enrich is…

“Tankers, Tankers. Everywhere!” – Virus Causes Historic’ Traffic Jam’ Across Asian Supply Lines

By StevieRay Hansen

Covid-19’s effect on global energy markets has been disastrous. OPEC slashed its oil demand forecast last week, and Goldman Sachs doubled down on its bearish oil take…

Posted in

Stevie Ray

Leave a Reply

Your email address will not be published. Required fields are marked *