In today’s briefing:
- Monday Macro Update: Our Crude Oil Trading Range Remains Intact Despite Risk of a Reescalation
Monday Macro Update: Our Crude Oil Trading Range Remains Intact Despite Risk of a Reescalation
- The U.S. is now promising to place a “heavy boot” on Iran of additional economic sanctions, telling countries who trade with Iran “you are either with us or against us.”
- While traders and funds may bid the market up further in response, our belief is that unless Iran responds militarily, the upside to crude oil prices may be limited.
- In this regard, we will retain our long-standing $75.00-$88.00 per barrel trading range for the prompt NYMEX crude oil contract until proven wrong.
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