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OIL PRICES SOAR BACK TO LIFE! CEASEFIRE SPARKS SUDDEN RALLY!
Hold onto your hats, folks! After a dramatic two-day plunge, oil prices are making a shocking comeback this morning! Why? It’s all about that jaw-dropping ceasefire between Iran and Israel! With tensions cooling faster than a hot summer day, safe-haven demand is taking a nosedive!
TRUMP’S BOLD MOVE! OIL FLOW FROM IRAN TO CONTINUE!
In an explosive statement, US President Donald Trump declared that the oil shall flow from Iran! Yes, you heard it right! After promising peace between the two warring nations, Trump has thrown a lifeline, even suggesting that China can keep those Iranian barrels coming! But wait—hold your applause! A senior White House official says that Iran isn’t out of the woods yet!
As we speak, WTI crude is bouncing above $65 a barrel while another benchmark flirts with $68, recovering from a staggering 13% slump! Meanwhile, the Brent time spread has dropped from a jaw-dropping $1.77 to about $1, but that’s STILL way high compared to earlier this year!
MIDDLE EAST SUPPLY WRANGLE! MANIA ON THE HORIZON!
While fears of Middle Eastern supply getting choked off have eased, they haven’t disappeared entirely! The demand for immediate supply is hot! Plus, the conflict in the Middle East hasn’t caused a hiccup in oil flows, and Iranian exports are SURGING!
Get ready! OPEC+ is gearing up for a high-stakes video call on July 6 to discuss cranking up supply in August! This is a must-watch!
CRUDE INVENTORY SURPRISE! API REPORT SHOCKER!
In the US, the American Petroleum Institute has dropped a bombshell, revealing crude oil inventories have plummeted by 4.28 MILLION barrels! That’s WAY bigger than the predicted 0.6 million! Meanwhile, gasoline inventories slightly climbed while distilled stocks took a hit.
COPPER MARKET IN CHAOS! TIGHT SUPPLIES SPIRAL!
Meanwhile, are you ready for some copper chaos? Prices are soaring on the LME for four consecutive days, driven by tight supply! Immediate delivery contracts have surged to an eye-popping premium of $379/t! That’s a stark contrast to the near-zero premiums from just a few months back!
Inventories have nose-dived by 176kt since the start of the year. With only 95kt left, panic is setting in!
GOLD IN TROUBLE! PRICES FALL AS CEASEFIRE HOLDS!
In the wild world of precious metals, gold prices have taken a staggering hit, plummeting over 1% to $3,324/oz as the ceasefire between Israel and Iran seems to have taken hold. The shining metal has lost its luster as positivity in the broader economy takes the stage!
Anticipation is high as experts speculate Fed Chair Jerome Powell may pump the brakes on further action, leaving gold struggling under the pressure of inflation concerns!
Hold on tight, folks! This energy and metals rollercoaster shows no signs of slowing down!
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