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The energy market surged back from the big sell off the day prior as good economic data out of China, positive retail sale data in the US, another drop in US crude inventories expected today, and easing tension in the Middle East fueled this rally.
The API report released yesterday said that crude stocks were up 401,000 million barrels, and the estimates for today’s DOE number from Reuters is to see a draw of 2.5 million barrel. The crude stocks at Cushing, Ok in the API report were down 238,000 barrels. Gasoline stocks were down 877,000 barrels and the estimates for today’s number is a decline of 1.5 million barrels. Distillate stocks were down 1.2 million barrels in the API and the outlook for today is a gain of 484,000 barrels. The inventory reports out today will give traders a near term direction but overall it looks like the bulls are working to reestablish the uptrend.
Surveys released on China’s service sector rose at the fastest pace in 3 months for August with new orders up. This prompted the largest hiring in more than a year. This was good news.
US President, Donald Trump, left the door open to a possible meeting with Iranian President, Hassan Rouhani, at the upcoming meeting of the UN General Assembly.
On Wednesday the US sanctioned an “oil for terror” network of firms, ships and individuals allegedly directed by Iran’s Islamic Revolutionary Guards Corp that supplied Syria with oil worth hundreds of million of dollar in breach of US sanctions.
The industry estimate for today’s inventory update is that propane stocks will increase by 2.3 million barrels.
Iran state TV reported that Tehran would release 7 crew members of the British tanker ship they seized near Iran in mid-July.
It was announced that the US and China have scheduled some low-level trade talks in September and then follow that up with talks in October. The market sees this as good news. Any chance for dialog and the potential for some progress to be made is seen as potentially positive for the global economy.
Iran’s President Rouhani threatened to accelerate its nuclear activities if the EU can’t find a way to work around US sanctions on Iranian oil. He said, “Iran’s third step is of an extraordinarily significant nature.
The Trump administration offered the captain of the Adrian Darya 1 several million dollars to pilot the vessel to a country that would impound it on behalf of the US or sanctions on the captain would begin in 3 days. This ship was reported near Syria a day or so ago and it had turned off all its tracking devices. It will likely reappear in a few days somewhere else with its oil gone.
US Promises to Sanction Purchasers of Iranian Oil
September 5th, 2019
The energy market surged back from the big sell off the day prior as good economic data out of China, positive retail sale data in the US, another drop in US crude inventories expected today, and easing tension in the Middle East fueled this rally.
The API report released yesterday said that crude stocks were up 401,000 million barrels, and the estimates for today’s DOE number from Reuters is to see a draw of 2.5 million barrel. The crude stocks at Cushing, Ok in the API report were down 238,000 barrels. Gasoline stocks were down 877,000 barrels and the estimates for today’s number is a decline of 1.5 million barrels. Distillate stocks were down 1.2 million barrels in the API and the outlook for today is a gain of 484,000 barrels. The inventory reports out today will give traders a near term direction but overall it looks like the bulls are working to reestablish the uptrend.
Surveys released on China’s service sector rose at the fastest pace in 3 months for August with new orders up. This prompted the largest hiring in more than a year. This was good news.
US President, Donald Trump, left the door open to a possible meeting with Iranian President, Hassan Rouhani, at the upcoming meeting of the UN General Assembly.
On Wednesday the US sanctioned an “oil for terror” network of firms, ships and individuals allegedly directed by Iran’s Islamic Revolutionary Guards Corp that supplied Syria with oil worth hundreds of million of dollar in breach of US sanctions.
The industry estimate for today’s inventory update is that propane stocks will increase by 2.3 million barrels.
Iran state TV reported that Tehran would release 7 crew members of the British tanker ship they seized near Iran in mid-July.
It was announced that the US and China have scheduled some low-level trade talks in September and then follow that up with talks in October. The market sees this as good news. Any chance for dialog and the potential for some progress to be made is seen as potentially positive for the global economy.
Iran’s President Rouhani threatened to accelerate its nuclear activities if the EU can’t find a way to work around US sanctions on Iranian oil. He said, “Iran’s third step is of an extraordinarily significant nature.
The Trump administration offered the captain of the Adrian Darya 1 several million dollars to pilot the vessel to a country that would impound it on behalf of the US or sanctions on the captain would begin in 3 days. This ship was reported near Syria a day or so ago and it had turned off all its tracking devices. It will likely reappear in a few days somewhere else with its oil gone.