Oil Market Weekly: Crude Prices Fall on US-Iran Deal Optimism, Largest Monthly Drop Since 2020
By
Rory Johnston
Master baker tier. Every paragraph earns its place on the tray.
Summary
This weekly oil market update covers crude price movements, calendar spreads, inventory data, refined products, and positioning. The key theme is crude prices declining due to unrealized optimism about a US-Iran deal, marking the largest monthly decline since 2020. The author notes that more diplomacy is needed before physical Strait of Hormuz unwinding can begin. The piece also promotes a paid subscriber PDF deck and announces the author's attendance at the StoneX Natural Resources Summit in NYC.
Key quotes
· 3 pulledCrude prices crater on further—though, as always, unrealized—US-Iran deal optimism and close out largest monthly decline since 2020
More diplomacy needed before physical Hormuz unwinding can begin.
Every week, I summarize and analyze developments in flat crude prices, calendar spreads, high-frequency inventories, refined products, and positioning data, as well as a taste of the themes I've been thinking about or following closely.
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