Housekeeping: Good Morning.
“Comex is Dying”
Topic:
JPMorgan: Iran Attack Could Spike Oil to $120
US Bullion Banks Reap $500 Million in Profits From US Gold Buys
Market Analysis:
Last night Israel sent airstrikes into Iran targeting nuclear capabilities and leadership domiciles:
Just prior to the airstrikes by Israel on Iran last night, Oil prices had already surged by as much as 5% to $70 JPMorgan’s chief commodity strategist Natasha Kaneva put out a note. In it, the bank estimated that oil prices at $70 currently reflect only a portion of the geopolitical risk premium. Oil prices are now at $75 a barrel
JPMorgan: Iran Attack Could Spike Oil to $120
·
Last night Israel sent airstrikes into Iran targeting nuclear capabilities, and leadership:
In particular, the note highlights the possibility of Iranian oil exports falling by over 2.1 million barrels per day (mbd), as well as broader regional disruptions if military activity spreads. Of primary concern is the potential closure of the Strait of Hormuz. Under such circumstances, JPMorgan forecasts crude oil prices could surge to between $120 and $130 per barrel.
Full Analysis in the Premium post JPMorgan: Iran Attack Could Spike Oil to $120
Related Posts:
Coming Soon:
Data on Deck: CPI/ PPI
MONDAY, JUNE 9 10:00 am Wholesale inventories
TUESDAY, JUNE 10 6:00 am NFIB optimism index
WEDNESDAY, JUNE 11 8:30 am CPI
THURSDAY, JUNE 12 8:30 am Core PPI
FRIDAY, JUNE 13 10:00 am Consumer sentiment
Summary and Final Market Check…
