Snapshot: WTI crude futures are trading tentatively around $100, recovering from recent losses. The latest release from the Strategic Petroleum Reserve, the largest on record, highlights a willingness to combat high prices, while Iran’s hardened stance in nuclear talks tempers hopes for increased supply.
- Watch for impact from the 08:30 ET Philly Fed and jobless claims numbers as a read on US economic strength; weaker data would reinforce the case for lower Oil.
- Geopolitical tensions and supply disruptions remain a key risk, particularly given Iran’s recent announcement regarding a “Persian Gulf Strait Authority”.
Bias into NY: Cautiously bearish. SPR releases and wavering demand offset some geopolitical risk. Look for a retest of $98 if risk-off intensifies.