US-Iran Talks Stall Amid UAE Exit from OPEC

 Last week we were optimistic that markets would turn south with news that Iran and the US would be meeting over the weekend to hammer out a resolution. That all turned Saturday morning with a tweet that the meeting was off. The past week has shown little in way of the conflict ending anytime soon. A senior meeting at the White House indicated that we could be in for “months” long standoff, and the President stating that he would like the Russian-Ukraine conflict to end at the same time.

As mentioned, Oil flows to where the highest need is and that showed up in Inventory data this week with a massive 56% increase in exports year over year. As domestic demand destruction has made the turn and now on the back nine. The uncertainty prompted FED rates to remain unchanged as inflation risks increase. Adding to the uncertainty globally was the United Arab Emirates announcement they intend to leave OPEC, which hamstrung their production goals. I wish I could say when this will be over, but like my seasonal allergies, the moment you think you’re in the clear, you wake up with a 1000lb head. Either way we are here and always available to guide you through the ever changing landscape.