Western Powers Believe Iran Shot Down Passenger Jet
January 10th, 2020
Crude oil and refined fuel products prices fell slightly yesterday except RBOB which rose by 0.2% for the nearby futures month. Prices fell dramatically on Wednesday after the government report showing massive rise in total United States gasoline, crude oil, and distillates stocks. Also pushing prices lower were United States and Iran war tensions appearing to be easing.
Iran’s Revolutionary Guards also issued new threats to the US, with one senior commander, Abdollah Araghi, warning of “harsher revenge soon.” Brigadier General Esmail Ghaani, the new head of Iran’s Quds Force, which oversees its foreign military operations, said he would follow the course pursued by his predecessor Soleimani. Analysts have stated that Iran, despite tough talk from political and military leaders, wanted to avoid a conventional war with US forces. The US said it had indications Iran was telling its allies to refrain from new action against US troops. US Vice President, Mike Pence, said the US was receiving “encouraging intelligence that Iran is sending messages” to its allied militias not to attack US targets.
China’s Vice Premier Liu He, head of the country’s negotiating team in Sino-US. trade talks will sign a “Phase 1” deal in Washington next week, the commerce ministry said on Thursday.
Western powers including Australia, Britain and Canada and the United States believe that a Ukrainian place that crashed in Tehran was shot down by Iranian missiles. Reuters is report that is was likely a mistake by an Iran missile defense system.
The World Bank has forecast modest global economic growth for 2020 at 2.5%, up from 2.4% in 2019.
WTI crude oil and ULSD future as still trading down this morning just slightly and RBOB futures are hanging in there with positive numbers for now. Market is still soft with traders feeling that the tension has eased between US and Iran. The markets are near support levels and moving average levels that the bulls would love to see hold up and produce at least some congestion and sideway trading at a minimum . Despite the current easing of tensions, the uncertainty surrounding all things in the Middle East should keep trader’s attention.