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fishweewee

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Crude's been up sharply in the past few weeks, largely on concerns about Iran.



 



It's not just the geopolitical risk (closing the Straits of Hormuz) - the EU has also been talking about embargoing Persian crude.



 



NYMEX crude is down about $2/bbl right now on news that the EU is going to delay this embargo by six months.



 



Of course, we're headed into summer driving season, and refineries are switching over from heating oil to gasoline.  That means pump prices are probably headed up regardless of what's going on today - it's normal seasonality (demand goes up during summer driving season) and it's more expensive to refine gasoline, because more stuff has to go into it. 



 



 


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Crude's been up sharply in the past few weeks, largely on concerns about Iran.

 

It's not just the geopolitical risk (closing the Straits of Hormuz) - the EU has also been talking about embargoing Persian crude.

 

NYMEX crude is down about $2/bbl right now on news that the EU is going to delay this embargo by six months.

 

Of course, we're headed into summer driving season, and refineries are switching over from heating oil to gasoline.  That means pump prices are probably headed up regardless of what's going on today - it's normal seasonality (demand goes up during summer driving season) and it's more expensive to refine gasoline, because more stuff has to go into it. 

 

 

 

Oil getting hit today...

 

Traded below 98

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