Energy Prospectus

Any idea why oil took a big hit today?

Greece, Obama willing to make a bad deal with Iran and a bearish oil storage report.

IMO:
> Greece alone is a non-issue to overall supply/demand. Oil traders are worried about it having a negative impact on the European economy, but with a GDP about the size of Arkansas I sure don't think it is that big of deal. Several other countries in Europe have problems, but nothing like Greece. Just another example of socialism not working.
> If Obama makes a bad deal with Iran that lifts all sanctions and allow them to keep moving toward a nuke with limitations on inspections, then he is an idiot. Iran is a global sponsor of terrorism and IMHO we should be increasing sanctions. Personally, I think Congress will block the deal anyway.
> Today's storage report is probably a build due to timing of ships unloading. Tropical storm Bill kept tankers at sea for a few days and they unloaded last week. This will only concern me if next week's storage report shows a build. Keep in mind that the weekly EIA storage reports include a lot of "estimates".

I think it was "positive" Iran negotiations.

If yesterday was a preview of what will happen if we get a deal with Iran, we're going to be in a house of pain. It felt like Oct. 2014 and there was only a rumor.

What do you think the chances are of a Republican controlled Congress approving a deal with Iran that gives them a clear path to a nuke? This is going to be a political cat fight.