Oil had a strong session today on geopolitical tensions, a storm brewing and summer driving season here in the US. “The (energy) complex is beginning this new week in strong fashion as it continues to acquire support from … increasing geopolitical risk premium related to Israel-Hezbollah tensions (and) bullish demand expectations for this month with some increased hurricane premium,” analysts at energy advisory firm Ritterbusch and Associates said in a note. Rising demand for fuel helped lift prices for U.S. oil products by around 3% on Monday with diesel futures closing at their highest in 10 weeks and gasoline futures closing at their highest in eight weeks. In the Caribbean Sea, Hurricane Beryl, an extremely dangerous major hurricane, was expected to pass Jamaica on Wednesday and slam into the Yucatan Peninsula in Mexico on Friday before weakening into a tropical storm and entering the Bay of Campeche in the Gulf of Mexico, where Mexico produces much of its oil on Saturday. WTI traded up $1.84 or 2.3% to close at $83.38.Brent traded up $1.60 or 1.9% to close at $86.60.

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mars
  • Where: Renaissance Schaumburg Convention Center Hotel
  • Attending: Curtis Chandler (239.405.3365), David Cohen (954-729-4774), Brian Baker (239)297-4519
  • Conference Website
mars
  • Where: La Quinta Resort & Club, La Quinta, California
  • Attending: Curtis Chandler (239.405.3365)
  • Conference Website
opis
  • Where: Charlotte Harbor, Florida
  • Attending: David Cohen (954-729-4774), Brian Baker (239)297-4519
  • Conference Website