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Oil: Technical And Fundamental Analysis

By Antonio FerlitoCommoditiesJun 22, 2021 05:15AM ET

www.investing.com/analysis/oil-technical-and-fundamental-analysis-200587512

By Antonio Ferlito | Jun 22, 2021 05:15AM ET

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US – Iran Talks Stall

Negotiations for the nuclear deal took a pause on Sunday after hardline judge Ebrahim Raisi won Iran’s presidential election. Two diplomats said they expected a break to around 10 days.

The U.S. and Iran began in mid-June their sixth round of indirect talks on reviving a 2015 nuclear deal that former U.S. President Donald Trump pulled out of in 2018. Trump reimposed sanctions on Iran’s energy sector, leading refiners in many countries to shun Iranian crude and forcing Tehran to pump well below capacity.

Iran Stores More Oil on Tankers as It Counts Days to Enter Markets

While the pause in U.S.-Iran negotiations may be behind Monday’s upward price spike in oil, there still are some traders who fear a deal between the two countries could bring more oil into the market than previous thought.

According to Reuters, Iran could quickly export millions of barrels of oil it is holding in storage if it reaches a deal with the United States on its nuclear program and has been moving oil into place to prepare for an eventual restart, four traders and industrial sources said.

Traders are also saying that a deal could lead to Iran exporting an extra 1 million barrels per day, or 1% of global supply, for more than six months from its storage facilities.

OPEC Told to Expect Limited US Oil Output Growth for Now

Reuters is reporting that OPEC officials heard from industry experts that U.S. oil output growth will likely remain limited in 2021 despite rising prices, OPEC sources said, giving it more power to manage the market in the short-term before a potentially strong rise in shale output in 2022.

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US 30	36,231.5	-14.0	-0.04%
US 500	4,585.8	-8.8	-0.19%
Dow Jones	36,245.50	+294.61	+0.82%
S&P 500	4,594.63	+26.83	+0.59%
Nasdaq	14,305.03	+78.81	+0.55%
S&P 500 VIX	12.63	0.00	0.00%
Dollar Index	103.204	+0.004	+0.00%

Crude Oil WTI	73.70	-0.37	-0.50%
Brent Oil	78.44	-0.44	-0.56%
Natural Gas	2.717	-0.060	-2.16%
Gold	2,104.90	+15.20	+0.73%
Silver	25.880	+0.023	+0.09%
Copper	3.8908	-0.0284	-0.72%
US Soybeans	1,315.25	-8.50	-0.64%

U.S. 10Y	4.249	+0.025	+0.60%
U.S. 30Y	4.422	+0.005	+0.10%
U.S. 5Y	4.193	+0.039	+0.93%
U.S. 3M	5.396	+0.008	+0.14%
US 10Y T-Note	110.45	-0.22	-0.20%
Euro Bund	133.52	-0.08	-0.06%
10-2 Yield Spread	-34.38	+2.26	+-6.17%

Apple	191.24	+1.29	+0.68%
Alphabet A	131.86	-0.67	-0.51%
Tesla	238.83	-1.25	-0.52%
Amazon.com	147.03	+0.94	+0.64%
Netflix	465.74	-8.23	-1.74%
Meta Platforms	324.82	-2.33	-0.71%
Bank of America	30.95	+0.47	+1.53%

	Interest Rates	Next Meeting
FED	5.50%	Dec 13, 2023
ECB	4.50%	Dec 14, 2023
BOE	5.25%	Dec 14, 2023
SNB	1.75%	Dec 14, 2023
RBA	4.35%	Dec 05, 2023
BOC	5.00%	Dec 06, 2023
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PBOC	3.45%
BCB	12.25%	Dec 13, 2023

Oil: Technical And Fundamental Analysis

US – Iran Talks Stall

Iran Stores More Oil on Tankers as It Counts Days to Enter Markets

OPEC Told to Expect Limited US Oil Output Growth for Now

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