WTI settles at $70.29
It’s another day of settlement above $70, and that’s going to offer oil companies some major cashflows.
I’m torn. I think a deal is coming next week and it should be priced in but there have clearly been some snags in the past three weeks coinciding with the rally from $62.
Where do I stand? Today’s price action shows to me that a deal isn’t priced in and if Iran can really get production back in three months, we could see $66 before $72.