After the NYMEX started the morning slightly down and flat, RBOB and HO futures are now mixed as geopolitical news continues to be digested throughout the world. The top three issues impacting commodity prices continue to be the upcoming Iranian oil export sanctions in which there are conflicting reports as to the lost daily volume thus far, the recent murder of Washington Post journalist Jamal Khashoggi and the ongoing trade dispute between the U.S. and China.
As the U.S. sanctions on Iran are now a little over two months away with a start date of November 5th against Iranian oil exports, two other OPEC member nations, Saudi Arabia and Iraq, are continuing to position themselves to capture additional European oil market share as a result of these sanctions.
Oil markets finished higher again yesterday continuing the current upward trend. At the close of the session, WTI crude closed up $0.31/bbl to close at $69.61. RBOB and HO also closed higher by $0.0392/gal and $0.0257/gal to finish at $2.1623/gal and $2.1769/gal respectively.
All three oil market indexes finished higher yesterday as the upcoming Iranian oil export sanctions offset the bearish news of Saudi Arabian and Russian output numbers. At the close, WTI crude closed up $2.45/bbl at $70.53/bbl while RBOB and HO also closed higher by $0.0231/gal and $0.0286/gal finishing at $2.0746/gal and $2.1290/gal respectively.
Oil markets finished higher yesterday as they continued to factor in any impact the Iranian sanctions and Venezuelan declining output may have. All three indices closed firmly in the green. WTI crude closed up $1.48/bbl at $68.21/bbl while RBOB and HO also closed higher by $0.0401/gal and $0.0458/gal finishing at $2.1842/gal and $2.2317/gal respectively.