Oil settles back where it started after going for a ride
WTI settles at $70.29
It's another day of settlement above $70, and that's going to offer oil companies some major cashflows.
WTI ended the day up $0.29 to $70.23. It fell as low as $68.68 on Iran sanctions headlines but the market quickly concluded that 1) this didn't signal a nuclear deal, or 2) a deal is priced in
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.