July wti crude oil (Cln25) Friday -0.21 (-0.28%), and July RBOB gasoline (Rbn25) +0.0209 ( +0.91%) closed.
Crude oil and gasoline prices were mixed on Friday, in which gasoline was posted at an altitude of 10–1/4 months. Friday was a weak dollar faster for energy prices.
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President Trump said that crude oil prices decreased on Friday, when he said that when America should attack Iran, he would wait for two weeks to give diplomacy before deciding. The signs were also pressurized at the raw price that Iran is ready to negotiate after the report by Reuters that the Iranian government is ready to discuss the boundaries on uranium enrichment.
The American Automobile Association (AAA) on Friday received support in gasoline prices that a record 61.6 million people would travel by car on July 28 million (28 June to 6 July), indicating demand for +2.2% and strong gasoline from last year.
So far, Iran has not interrupted the ship movement through Hormuz’s important straight, which handles about 20% of the world’s daily raw shipments. However, a French Navy Contact Group stated that the shipping signs of more than 1,000 ships a day through the Strait were interrupted by the “extreme jamming” of the Iranian port monkey Abbas’s signals, causing two tankers to collide near Hormuz’s Strait on Tuesday.
President Trump said last Wednesday that he continues to reduce oil prices with tariff concerns to keep a letter to dozens of American business partners within a one to two weeks, which sets a one-sided tariff before the 90-day time of 90-day stops.
The decline in crude oil held worldwide on tankers is a rise for oil prices. Vortexa said on Monday that the crude oil stored on the tankers which were stable for at least seven days fell from -7.2% W/W to 73.97 million BBL in the week ended June 13.
Concern about a global oil glute is negative for raw prices. On 31 May, OPEC+ agreed to increase 411,000 BPD raw production for July after increasing output from the same amount for June. Saudi Arabia has indicated that raw production can follow an additional similar size growth, which is seen as a strategy to reduce oil prices and punish OPEC+ members, such as Kazakhstan and Iraq, such as Kazakhstan and Iraq. OPEC+ 2 is promoting output to reversed a 2-year-long production cut, gradually restoring a total of 2.2 million BPD production. OPEC + first planned to restore production between January and the end of 2025, but now the production cuts will not be completely restored by September 2026. OPEC May Raw Production +200,000 BPD increased to 27.54 million BPD.
Wednesday’s EIA report showed that (1) Until 13 June the invention of American crude oil was below -10.2% below an average of 5 -year, (2) Gasoline invention was below -1.8% below the average of the seasonal 5 -year, and (3) distilleted inventory 5 -year -year average -16.7%. In the week ended on June 14, American crude oil production was below the record high of 13.631 million BPD from December 6, unchanged W/W at 13.431 million BPD.
Baker Hughes said on Friday that the American oil leakage -1 active in the week ended June 20 fell from 3-3/4 years low to 438 rigs. In the last 2–1/2 years, the number of US oil leakage has fallen from the 5–1/4-year high of the 627 rigs posted in December 2022.
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