---
title: G20 Summit Answers Looming Market Questions
description: Looking backward, despite closing down on Friday, the month of June was up 9% on concern about Iranian-US tensions, Chinese tariffs, and the OPEC/G20
---

[Dennis K. Burke, Inc. Market Updates ](https://www.burkeoil.com/value-added-services/energy-market-updates)

# [G20 Summit Answers Looming Market Questions](https://www.burkeoil.com/value-added-services/energy-market-updates/nymex-up-on-g20-summit-progress)

 Written by [Kelly Burke](https://www.burkeoil.com/value-added-services/energy-market-updates/author/kelly-burke) | Jul 1, 2019 7:23:56 PM

Prices surged this morning after a slow down on Friday, on news from the G20 Summit that Russia and Saudi Arabia have agreed to extend the OPEC+ production cuts by another 6-9 months. The agreement still needs to be ratified at the upcoming OPEC meeting, but that is essentially a formality at this point, given Russia & the Saudi's are in agreement. 

The demand side of the equation also got a boost from the announcement by President Trump that no new sanctions would be put in place on China, at least for now. Speculation on potential tariffs has been a cloud over trading for several weeks. 

Markets were up huge this morning, with gas briefly up over 5 cents and diesel not far behind, and Brent Crude up over 2%. It calmed over the trading day however, and at the close we saw ULSD +.0144 to $1.9538, Gas up .0339 to $1.9305 and Crude settled at $59.09

Looking backward, despite closing down on Friday, the month of June was up 9% on concern about Iranian-US tensions, Chinese tariffs, and the OPEC/G20 production discussions. Now that some of these have evidently been resolved, at least temporarily, it will be interesting to see what July holds for market moves. 

Stay Tuned! 

 

[View full post](https://www.burkeoil.com/value-added-services/energy-market-updates/nymex-up-on-g20-summit-progress)

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