Oil moves higher just before midterms
Oil & Gas Journal · Tom Seng ·
There is only 1 trading day remaining before the US midterm elections and the Trump administration has pledged to resume the war on Iran shortly thereafter. That is only adding...
Oil, fundamental analysis
Oil prices remained elevated this week as fears of an expected escalation in the Middle East following the US midterm elections while persistent threats to shipping in the Strait of Hormuz sustain a significant geopolitical risk premium. Another inventory draw helped support the rally. WTI’s High was Friday’s $104.99/bbl while the Low was Tuesday’s $99.45. Brent crude hit its High on Friday at $118.00/bbl with the low on Thursday at $114.90. Both grades settled higher on the week. The WTI/Brent spread is now $13.00. WTI is up $11.50/bbl since Oct. 1.
There is only 1 trading day remaining before the US midterm elections and the Trump administration has pledged to resume the war on Iran shortly thereafter. That is only adding more risk premium on top of the ongoing attacks on shipping in the Middle East. Iran had convened a meeting with Saudi Arabia, Turkey, and Pakistan this week to discuss the current situation but nothing positive has emerged as yet. Vice President Vance has reportedly sent a message to Iranian officials suggesting a resumption of talks but has not received a reply.
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