Market Eyes Iran as Prices Rise
Markets didn’t have much news to go on yesterday, so they maintained their upward trajectory. WTI crude picked up just over 50 cents for the day, keeping prices elevated. Crude oil is currently trading at $72.06, down a few pennies since yesterday’s close.
Fuel prices are trading higher this morning, though barely so. Diesel is trading at $2.3245, up just 0.1 cents since yesterday’s close. Gasoline prices are at $2.0853, up 0.3 cents.
Markets managed to sustain solid gains yesterday as the trade continues to worry about Iran sanctions. While news did come out that Saudi Arabia is planning to increase production, the country also commented it fears a supply glut as US production rises. In past attempts to balance markets, OPEC has struggled with the timing of increasing supply, causing major imbalances and temporary supply shocks. Leading up to November, Saudi Arabia’s output (and the rest of OPEC’s supplies) will be heavily scrutinized to see if they will pick up the slack from Iran’s lost supply.
Storm Update
Mansfield moved to Code Green yesterday for NC, SC, and Virginia, sounding the all-clear as Florence’s remnants just lightly brushed the East Coast with rain. Conditions have improve significantly, allowing supply and carrier capacity to normalize.
Mansfield continues monitoring two other storms out in the Atlantic, Tropical Storm Kirk and Subtropical Storm Leslie. Kirk is traveling over the Lesser Antilles currently and is expected to die out before reaching the warmer Gulf Coast area. Leslie has been looping around and is presently expected to change directions from east to west, putting its path more towards the US. It’s yet to be seen whether either storm will have an effect on the US.
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