Oil Prices Rise as Market Awaits U.S.-Iran Moves


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Oil and product futures rose Monday (2/23) morning as 
the market awaited developments in the Middle East ahead of another round of 
U.S.-Iranian nuclear talks slated for this week.

   A drop in U.S. crude, gasoline and distillate inventories in the week ended 
February 13, as reported by the Energy Information Administration (EIA), also 
provided support.

   The U.S. has positioned its largest military force in the Middle East in 
more than two decades, with U.S. President Donald Trump cautioning Thursday 
(2/19) that Iran had 10 to 15 days to reach a deal on its nuclear program or 
face consequences.

   Traders are bracing for further tensions in the Persian Gulf and have 
accordingly boosted their bullish bets on crude with long-dated futures showing 
a bias toward call options that benefit buyers. Crude prices are up 17% so far 
on the year though intermittent market swings have also resulted in the highest 
volatility in eight months. The CBOE Crude Oil Volatility Index shows a 
mid-February reading of 58, a peak since 74.41 in June.

   On the inventory front, U.S. commercial crude stocks declined by 9 million 
bbl to 419.8 million during the week ended February 13, the EIA reported.

   Gasoline inventories fell by 3.3 million bbl the same week for their first 
drop in 14 weeks, while distillate balances retreated by 4.6 million, the 
agency added.

   In Monday's morning session, NYMEX WTI crude futures for March delivery were 
up $0.31 at $66.79 bbl. ICE Brent crude for April delivery also rose $0.31 to 
$72.07 bbl.

   Downstream, RBOB futures for March were flat at $1.9974 gallon while 
front-month ULSD futures rose $0.0567 to $2.6425 gallon.

   The U.S. dollar index eased 0.139 points to 97.59 against a basket of 
foreign currencies, boosting the upside in dollar-denominated energy prices.

    




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