Futures in New York dropped as much as 1.1 percent after rising 0.5 percent earlier. Israeli Prime Minister Benjamin Netanyahu said his country has documents that prove Iran had a program to build atomic bombs. That’s raising concern Trump may pull the U.S. out of a nuclear accord between Iran and world powers, a move that energy consultant FGE says could cut the Persian Gulf nation’s 2019 oil exports by 700,000 barrels a day. FGE Chairman Fereidun Fesharaki said Trump is likely to restore sanctions on Iran, meaning buyers would have to cut their crude purchases from the country in 180 days. The nation’s exports could drop by 200,000 to 500,000 barrels a day this year, leading to higher oil prices, he said. Click Read More below for additional information.
National Average Price for Regular – Current: $2.957; Month Ago: $2.811; Year Ago: $2.381.
National Average Price for Diesel – Current: $3.213; Month Ago: $3.067; Year Ago: $2.513.
National Average Price for Regular Unleaded Current: $3.312; Month Ago: $3.413; Year Ago: $2.203. National Average Price for Diesel Current: $3.590; Month Ago: $3.644; Year Ago: $2.498.
U.S. oil prices settle at highest since 2014 as crude supplies notch biggest weekly drop of the year
The U.S. Energy Information Administration reported Wednesday that crude supplies declined by 9.9 million barrels for the week ended June 22—the largest weekly decline so far this year. Analysts surveyed by S&P Global Platts had forecast a fall of 2.3 million barrels, while the American Petroleum Institute on Tuesday reported a drop of 9.2 million barrels. “Record crude exports and record refinery runs have combined to yield the biggest draw to crude stocks so far this year,” said Matt Smith, director of commodity research at ClipperData. “Even crude production holding at a record level has been unable to offset strong domestic and international demand.” The EIA pegged last week’s total domestic crude output at 10.9 million barrels a day, unchanged from the previous week. Click Read More below for additional information.