(NAFB) Cautious optimism; that’s the feeling for many oil investors after the United States and Iran announced a tentative peace deal, which helped prices drop earlier this week.
Patrick DeHaan with Gasbuddy.com.
“Now we focus on the details, whether or not this deal, which is tentative, will be signed later this week. Obviously, we have seen deals fall apart in weeks past, so a little bit of pessimism here, but some optimism that the deal will pan out. If it does allow the Strait to reopen, certainly that would be good news to allow oil supplies to begin moving again for global oil inventories to continue rising.”
DeHaan noted that consumers had been seeing a bit of relief recently at their local stations.
“In fact, some of the largest declines across the country over the last week have been along the West Coast. Average gas prices nationally fell below the four-dollar-a-gallon mark for the first time since mid-April. In fact, one of the largest weekly drops in gas prices was in Washington state, where prices fell by $0.17. In addition, diesel prices were down about $6.40 a gallon now in the state.”
Again, that’s Patrick DeHaan of Gasbuddy.com.
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Audio provided by Glenn Vaagen, PNW Ag Network, Pasco, Washington
Audio with Patrick DeHaan, senior petroleum analyst for Gasbuddy.com
