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Via oilprice.com:— Oil markets swung in both directions on Tuesday but ultimately closed lower as signs of improving US-Iran relations weighed on prices. WTI and Brent futures were volatile overnight, briefly edging higher during the European session amid limited oil-specific headlines. Sentiment shifted sharply, however, after Iran’s Deputy Foreign Minister stated that Tehran is prepared to take whatever steps are necessary to secure a deal with Washington, while warning that a strike on Iran would be a serious gamble. The remarks pressured crude to intraday lows, with prices continuing to drift lower into the close.Earlier support had come from comments at the White House suggesting President Trump prioritises diplomacy with Iran, though force remains an option if required. On the supply side, Russia’s Transneft reportedly reduced crude intake by 250,000 barrels per day following an attack on a key pumping station. Meanwhile, Venezuela is said to be preparing larger export cargoes from March, including expanded shipments to India.Expectations I had seen:headline crude oil +1.5mn barrelsdistillates -1.6mn bblsgasolina -0.6mn bblsThis data point is from a privately-conducted survey by the American Petroleum Institute (API).It’s a survey of oil storage facilities and companiesThe official report is due Wednesday morning US time.The two reports are quite different.The official government data comes from the US Energy Information Administration (EIA)Its based on data from the Department of Energy and other government agenciesWhereas information on total crude oil storage levels and variations from the previous week’s levels are both provided by the API report, the EIA report also provides statistics on inputs and outputs from refineries, as well as other significant indicators of the status of the oil market, and storage levels for various grades of crude oil, such as light, medium, and heavy.the EIA report is held to be more accurate and comprehensive than the survey from the API
This article was written by Eamonn Sheridan at investinglive.com.
💡 DMK Insight
Oil prices are feeling the heat from US-Iran talks, and here’s why that’s crucial for traders: The recent volatility in WTI and Brent futures reflects a market grappling with geopolitical tensions. As news of improving US-Iran relations surfaces, traders are reassessing supply dynamics, which could lead to increased Iranian oil exports. This potential influx could significantly impact global supply, especially if sanctions are eased. Traders should keep an eye on the $70 mark for WTI and $75 for Brent, as these levels could serve as psychological barriers. If prices break below these points, we might see a cascade effect, triggering stop-loss orders and further downward pressure. But here’s the flip side: if negotiations falter or tensions escalate again, we could see a sharp rebound in prices. The market is sensitive to any news, so monitoring headlines closely is essential. Additionally, keep an eye on the broader economic indicators, like US inventory levels and OPEC’s production decisions, which could also sway market sentiment. For now, watch for any developments in the talks and how they might influence trading strategies in the coming weeks.
📮 Takeaway
Watch for WTI to hold above $70 and Brent above $75; any breach could signal further declines amid US-Iran negotiations.
