Results

Fuel prices eased on Monday after hitting their highest levels since October 2018. The May jobs report from Friday has caused some to solidify their belief that the Feds will have no choice but to intervene and fight inflation. Also, Iranian nuclear discussions continue to tease with the promise of increased crude supplies. These two bearish factors are set against the overall global fuel supply situation. As Igor Sechin, the leader of Russian oil giant Rosneft, said on Saturday, “Long-term stability of oil supply is at risk due to underinvestment”. The Bears won Monday, but they need more than Iranian oil and Fed speculation to hold back the Bulls for long.