Brent crude oil prices approached $80/bbl during the May 22 trading session in London a day after US Sec. of State Mike Pompeo outlined demands on May 21 that Iran must meet before US officials would agree to enter a new nuclear agreement with Iran.
US President Donald Trump has threatened “the strongest sanctions in history” unless Iran complies with US demands. Previously Trump withdrew US participation in a 2015 international agreement to curb Iran’s nuclear program.
The European Union remains supportive of the international alliance and is encouraging Iran to abide by the 2015 agreement.
Separately regarding Venezuela, a US executive order issued May 21 broadened a ban on US citizens buying Venezuelan debt, potentially making it harder for Venezuela to obtain funding for its struggling oil industry.
Energy prices
The June light, sweet crude contract on the New York Mercantile Exchange settled at $72.24/bbl on May 21, up 96¢. The July price was up 98¢ to $72.35/bbl.
The NYMEX natural gas price for June decreased nearly 4¢ to a rounded $2.80/MMbtu. The Henry Hub cash gas price edged up 1¢ to $2.77/MMbtu on May 21.
Ultralow-sulfur diesel for June nudged up less than a penny to $2.27/gal. The NYMEX reformulated gasoline blendstock for June gained 2¢ to settle at a rounded $2.25/gal.
Brent crude oil for July increased 71¢ to settle at $79.22/bbl on London’s International Commodity Exchange. The August contract was up 77¢ to $79.26/bbl. The gas oil contract for June was $692.75/tonne, down $5.25.
The Organization of Petroleum Exporting Countries’ basket of crudes was $76.21/bbl on May 21, down 26¢.
Contact Paula Dittrick at [email protected].
