On oil from the WSJ: Iran Accord Likely to Push Oil Prices Down
Oil prices are likely to drop, analysts said, as the nuclear accord between Iran and six world powers potentially paves the way for more crude oil to reach the global market.
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Brent crude futures ended Friday at $111.05 a barrel, the highest since Oct. 11, in part because a deal with Iran looked remote at the time the market closed.
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“There’s about a million barrels of oil a day that could be very quickly returned to the global market,” said Jason Schenker, economist and president at Prestige Economics, LLC.Iran exported 1.5 million barrels a day in 2012, down from 2.5 million barrels a day in 2011, according to the Energy Information Administration.
Monday:
• At 10:00 AM ET, the Pending Home Sales Index for October. The consensus is for a 1.1% increase in the index.
• At 10:30 AM ET, the Dallas Fed Manufacturing Survey for November. The consensus is a reading of 5.0, up from 3.6 in October (above zero is expansion).
Weekend:
• Schedule for Week of November 24th
The Nikkei is up about 0.8%.
From CNBC: Pre-Market Data and Bloomberg futures: the S&P futures are 5 and DOW futures are up 50 (fair value).
Oil prices are down with WTI futures at $94.01 per barrel and Brent at $108.65 per barrel.
Below is a graph from Gasbuddy.com for nationwide gasoline prices. Nationally prices have increased recently to $3.26 per gallon. If you click on “show crude oil prices”, the graph displays oil prices for WTI, not Brent; gasoline prices in most of the U.S. are impacted more by Brent prices.
| Orange County Historical Gas Price Charts Provided by GasBuddy.com |