ENERGY

Oil prices have surged overnight following the assassination of Hamas' political leader in Tehran. This geopolitical risk premium surge came on top of an across the board inventory draw reported by API last night.

Traders are watching for confirmation of the drawdown trend in US crude stocks from the official data this morning.

API

• Crude -4.495mm (-3.9mm exp)

• Cushing -929k

• Gasoline -1.917mm (-1.6mm exp)

• Distillates -322k

DOE (more…)

Authored by Tilak Doshi via RealClearEnergy,

Within a day of ex-President Trump’s announcement of “climate denier” Mr. J. D. Vance as the Republican Vice Presidential nominee, the climate industrial complex and supportive mainstream media had the knives out. A few headlines of the past 24 hours are an indication.

• The New York Times: “JD Vance Is an Oil Booster and Doubter of Human-Caused Climate Change”

• The Independent: JD Vance: “Climate activists alarmed by (more…)

Oil prices declined for the third straight day as general risk-off sentiment combined with traders anxiety over Chinese demand to pull WTI down near two-month lows.

Meanwhile, U.S. summer travel demands remain a "bright spot, but are not enough to support the entire market as political risks due to escalating tensions in the Mideast are also easing," said Cunningham.

API

• Crude -4.495mm (-3.9mm exp)

• Cushing -929k

• Gasoline -1.917mm (-1.6mm (more…)