US Considering EU Proposal to Revive Iranian Nuclear Deal
August 15, 2022
The Baker Hughes Rig Count was up 3 oil rigs to a total of 601 and last year there were 397.
The energy market is trading down to start a new week as data out of China shows that their economy slowed in July. This news has traders concerned that their energy demand will be down, and this has the market down to start the week.
Also putting downside pressure on energy is the news that the United States is considering a proposal from the EU that could revive the nuclear deal between the US and Iran and lead to more Iranian oil being put into the market.
The closed offshore pipelines in the Gulf were reported to be fixed on Friday and that news also helped to put selling pressure on energy prices.
The market appears to be trying to test the lows from back early in the year. Technically the market is getting near some key levels of support that will likely allow the market to congest in the near term. As we have seen over the last few weeks when we get some bullish headlines price rally and bearish headlines, and prices sell off. The market has been very reactionary to near term news. This just points to the uncertainty surround the market and this will likely continue in the medium term.