CL=F Rallies Third Consecutive Day as Peace Deal Odds Fall Below 40 Percent

Xcel Energy CEO Bob Frenzel said that his company is investing across a wide range of energy sources including wind and solar to build a 'more modern, more resilient, more sustainable grid of the future.' Talking to Bloomberg Washington Correspondent Tyler Kendall, Frenzel said that despite rising oil prices due to war between the US and Iran, the price of natural gas has seen little fluctuation. (Source: Bloomberg)

Oil rose for a third day as a fresh exchange of strikes between the US and Iran cast doubt on the prospects of a peace deal that would reopen the Strait of Hormuz. Leslie Palti-Guzman, founder at Energy Vista, gives an update on the outlook for oil and natural gas prices amid the war in Iran. (Source: Bloomberg)

Prior was -3327K Gasoline +3364K vs -513K expected Distillates +1502K vs -319K expected Refinery utilization +0.2% vs +0.3% expected API data released late yesterday: Crude -6750K Gasoline -3199K Distillates -214K WTI crude oil was up $1.10 to $94.92 ahead of the report. This article was written by Adam Button at investinglive.com.

Headlines: US president Trump reaffirms that Iran has agreed to not have a nuclear weapon Iran reserves right to defend against any country permitting US attacks EU says latest US tariffs on forced labour grounds are unjustified USD/JPY continues to poke and prod at intervention strike zone BOJ governor Ueda says will continue to raise policy rate if baseline outlook holds ECB policymaker Elderson says prolonged war increases likelihood of second-round effects SNB Chairman Schlegel says medium-term inflation pressure is basically unchanged Eurozone business activity struggles further in May amid surging price pressures UK May final services PMI 49.3 vs 47.9 prelim How likely is a U.S. debt crisis? Markets: WTI crude up 2% to $95.70 European indices lower, DAX down 0.9% while CAC 40 down 0.4% S&P 500 futures down 0.1% USD a little higher, USD/JPY volatility swings after nearing 160 US 10-year yields up 2.8 bps to 4.48% Gold down 0.5% to $4,463 It was a more pensive session as we continue to wait on whether or not the US and Iran will strike a deal this week. But by the look of things, it seems that both sides are still finding it hard to meet in the middle especially on key terms. US president Trump came out to reaffirm that Iran has agreed to not have a nuclear weapon. But as a reminder, this notion of a baseline promise was denied by Tehran previously last week already. Besides that, he also said that the US naval blockade may stay the course until Labour Day. If so, that means it will be another three more months of this with the naval blockade being lifted supposed to be a key condition for Iran in this framework agreement. So, make what you will of that. Markets remain unfazed for the most part despite the mix of headlines. However, oil prices are continuing to push up with WTI crude up 2% to $95.70 on the day. In the equities space, we are seeing a more tepid mood with European indices falling off while US futures are sitting marginally lower on the day. Ge

WTI crude futures have risen nearly 10% in three days as hopes for a quick peace deal fade.

Sree Kochugovindan, Senior Research Economist at Aberdeen Investments, focusing on current market sentiment. The recent decline in Brent crude prices, which dropped by 0.72% to $94.30 per barrel. The segment aims to provide insights into the factors influencing investor confidence and market dynamics in the Middle East and Africa region. (Source: Bloomberg)

Energy companies heading to Venezuela are being told to bring their own power plants to run their oil and natural gas operations and shield them from frequent blackouts on the nation’s ill-maintained electricity grid.