Oil Price - June 24

dan_s · Post by **dan_s** » Mon Jun 24, 2019 4:33 pm

The front month NYMEX contract (August) traded between $56.75 and $58.22 on June 24th before finishing the day up $0.32 at $57.75/bbl.

Supply / Demand is tightening, but it is headlines that will determine near-term oil prices.

> Traders are eager to hear news from the G20 conference and the expected meeting between Presidents Trump and Xi Jinging
Read more: https://www.cnbc.com/2019/06/24/heres-w ... ummit.html

> IMO the situation between the U.S. and Iran will have a much larger impact on the global oil market. Trump slapped more sanctions on Iran today and I think it is a good bet that Iran will retaliate in some way.

> Wednesday's EIA petroleum report should also show refiners ramping up and sucking more crude oil from storage.

> Supporting all commodities is the weaker U.S. dollar: https://www.marketwatch.com/investing/index/dxy

If anything positive comes out of the G20 meeting, there is a chance of a big short covering rally for oil.