🛢️ Today’s Market News – Fuel & Global Update for NW Iowa SW Minnesota
🇷🇺 Russia & Ukraine Peace Talks Stall
Russia and Ukraine held brief peace talks in Turkey on Monday, but things didn’t go far. Russia is demanding that Ukraine give up more land, cut back its military, and drop its interest in joining NATO. Ukraine sees that as surrender—so no deal was made.
They did agree on humanitarian steps, like prisoner exchanges and returning fallen soldiers, but there’s still no ceasefire in sight.
Meanwhile, Ukraine launched a drone strike on Russian military aircraft, showing they’re still capable and determined to resist pressure.
☢️ Tensions Over Iran’s Nuclear Deal May Impact Oil Prices
A new U.S. proposal aimed at reviving a nuclear agreement with Iran is expected to be rejected. Iran says the plan doesn’t go far enough in lifting sanctions or guaranteeing its rights to enrich uranium.
This back-and-forth keeps tensions high in the Middle East, which often makes oil prices more volatile. When uncertainty like this builds, it creates a “risk premium”—essentially, oil prices stay higher because of the fear of future conflict or supply disruptions.
🇨🇦 Wildfires in Canada Cut Into Oil Supply
Wildfires in Alberta have forced major oil producers to shut down over 344,000 barrels of oil per day—about 7% of Canada’s total output.
Companies like Cenovus, Canadian Natural Resources, and MEG Energy have evacuated workers and paused operations near Fort McMurray. Even though the fires haven’t caused major damage, power outages and safety concerns are delaying a restart.
With 49 wildfires still burning, the situation is fluid, and it’s adding short-term supply pressure to North America’s fuel markets.
📈 Market Overview: Oil Prices Hold Steady
Oil prices stabilized Tuesday morning after rising earlier in the week. A few key things are keeping the market firm:
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Iran likely rejecting a U.S. nuclear deal means their oil won’t be coming back to the global market anytime soon.
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OPEC+ stuck to its July output plan—adding 411,000 barrels/day—without any surprise increases.
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The Canadian wildfires are keeping some oil off the market.
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The U.S. dollar weakened, which usually helps boost oil prices.
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Traders are waiting for new U.S. inventory data, expected to show a drawdown (lower supply).
💹 WTI Crude Price Update – Signs of a Short-Term Rally?
West Texas Intermediate (WTI) crude is trading at $62.98 per barrel, showing small gains to start the week.
Here’s what’s influencing the trend:
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The price is slightly above its 10-day ($61.68) and 30-day ($61.27) averages, which suggests short-term strength.
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The RSI (Relative Strength Index) is at 54.44, which means the market is balanced but starting to lean a little bullish.
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Last week’s sideways price movement seems to be breaking upward, but traders want to see more follow-through before calling it a trend.
What to watch:
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Resistance at $64 (if it breaks above, prices could climb further)
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Support around $61 (if it drops below, prices might weaken)
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The next OPEC+ meeting and Friday’s U.S. jobs report could shake things up
📞 Questions about how this might affect your fuel budget? Call your account manager—we’ll help you plan smart for your farm.
