There once was a time not too long ago that you did not want to be short Crude Oil into the weekend with escalating geopolitical tensions.. Last night, President Trump authorized a military strike on Iran but called it off after back-channeling through Oman and letting Iran know that Washington would rather talk.
Crude Oil futures has been awaiting a moment to ignore bloating U.S supplies, growing U.S production and slimming demand. Yesterday was that day. Crude roared higher along with risk assets in a central bank induced frenzy.
Soybeans higher on heavy rains that are stalling planting. We traded above the $9 per bushel level which was a resistance level and now will be a support level. Soybean futures are currently trading at $9.10 per bushel.
Prices last week in WTI Crude Oil Futures fell 2.7% and closed at $52.50 per barrel. Last week supply concerns pressured energy markets. Although, after a tanker explosion on June 13 prices and volatility were briefly higher.