crude oil

Many economists and mathematicians will remind you that deficits matter. Though I am not talking about budget deficits or trade deficits right now, but the global oil market supply and demand deficit.
Major U.S. benchmarks are holding ground near unchanged this morning. Price action has peeled back just a bit from the overnight highs in a quiet trade.
Investors may decide to embrace a cautious approach by evading riskier assets ahead of the 44th G7 summit that is due to take place on Friday.
U.S. equities kicked off the trading week with two indices, the Nasdaq Composite and the Russell 2000, hitting new record highs.

Crude oil prices have fallen again today, with both contracts extending their losses for the fourth consecutive session.

After an extended period of historically low volatility the agricultural futures markets have sprung back to life. They have been driven by what we call The Two W’s, weather and Washington.

Saudi Arabia and Russia just destroyed the oil price rally, potentially putting an end to all the speculation about what the group might do next. But higher production doesn't necessarily mean higher oil prices are entirely out of the question, and in fact, the oil market is still faced with a ton of uncertainty.
From $145 to $35 to $115 to nearly $25 and now to back above $70, the price action in the oil market has been a roller coaster for a full decade now, and the question on every trader’s mind is “how far will we rise before dumping again…and what does that mean for other markets?”
The Trump administration is cracking down on Venezuela and laying down threats of the toughest sanctions Iran has ever seen, adding to the risk premium for oil while there are signs that U.S. and global supplies are tightening.

E-mini S&P (June)

Last week’s close (May 18 2018): Settled at 2713, down 5.75 on Friday and down 16.50 on the week