Rumors are flying fast and furious. Will a new nuclear deal be signed with Iran, thus adding 200K barrels per day back into global supply? Will Russia be frozen out? Futures popped 40 points on the speculation, though the IH&S has still not played out.
As we said last week, nothing would be as effective at punishing Russia and helping to solve the inflation problem as crashing the oil market. Stay tuned.
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