{"id":33992,"date":"2018-05-07T05:58:53","date_gmt":"2018-05-07T10:58:53","guid":{"rendered":"http:\/\/olduvai.ca\/?p=33992"},"modified":"2018-05-07T05:59:07","modified_gmt":"2018-05-07T10:59:07","slug":"wti-tops-70-for-first-time-since-nov-2014-as-iran-deal-deadline-looms","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=33992","title":{"rendered":"WTI Tops $70 For First Time Since Nov 2014 As Iran Deal Deadline Looms"},"content":{"rendered":"
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WTI Tops $70 For First Time Since Nov 2014 As Iran Deal Deadline Looms<\/a><\/span><\/h3>\n<\/div>\n
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With the Iran Deal looking increasingly fragile, <\/strong>front-month WTI futures have just traded above $70 for the first time since Nov 2014.<\/strong><\/p>\n

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$70 just happens to be the 50% retracement from the Aug 2013 highs to the Feb 2016 lows…<\/p>\n

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As OilPrice.com’s Tsvetana Paraskova notes,<\/a> US President Donald Trump has another week to decide whether to waive the sanctions against Iran. Expectations that he would not waive the sanctions this time around have supported the price of oil over the past month, with Brent briefly breaching above $75 to its highest price level since November 2014.<\/p>\n

Analysts are still struggling to quantify the impact of possible fresh sanctions on Iran and prices are expected to be volatile as the deadline for President Trump\u2019s decision is getting closer.<\/p>\n

The month of May could be a very important one for oil prices with geopolitical risks stacked and too close to call.<\/strong> Apart from the Iran sanctions waiver, the market will be looking to the Venezuela presidential election that socialist leader Nicolas Maduro has scheduled for May 20.<\/p>\n

\u201cThe geopolitical landscape will therefore remain tense and price conditions volatile,\u201d <\/strong><\/em>Stephen Brennock, an analyst at PVM Oil Associates, told\u00a0Platts<\/a>\u00a0on Friday.<\/p>\n

Commenting on the Iran sanctions waiver, Commerzbank analysts said in a note:<\/p>\n

\u201cThis will be the main issue preoccupying the oil market, with fundamental factors such as stock levels and production data taking a backseat until this has been resolved\u201d.<\/strong><\/p><\/blockquote>\n

Even more worrisome, as OilPrice.com’s Kent Moors writes,<\/a> is that Trump walking away from the deal, and possibly re-imposing sanctions on Iran could throw the oil market into chaos.<\/strong><\/p>\n

An agreement is an agreement, or so it\u2019s said.<\/p>\n

Tensions are skyrocketing after Israeli Prime Minister Netanyahu\u2019s claim that Iran has violated the Joint Comprehensive Plan of Action (JCPOA) agreement.<\/p>\n

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…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

WTI Tops $70 For First Time Since Nov 2014 As Iran Deal Deadline Looms With the Iran Deal looking increasingly fragile, front-month WTI futures have just traded above $70 for the first time since Nov 2014. $70 just happens to be the 50% retracement from the Aug 2013 highs to the Feb 2016 lows… As […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3,5],"tags":[441,592,1109,827,4318],"class_list":["post-33992","post","type-post","status-publish","format-standard","hentry","category-energy-2","category-geopolitics","tag-iran","tag-oil-price","tag-sanctions","tag-united-states","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/33992","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=33992"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/33992\/revisions"}],"predecessor-version":[{"id":33994,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/33992\/revisions\/33994"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33992"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}