Energy markets closed higher on Monday after Iranian oil embargo

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Source: Dukascopy Bank
Energy futures, except for heating oil, advanced on Monday following the announcement that the EU agreed to ban Iranian oil exports from July 1, 2012, while Iran threatened to block the Strait of Hormuz. Natural gas rebounded from almost 10-year low as Chesapeake Energy reported an essential cut in drilling. The energy prices are expected to climb higher on the recent closures of the oil refineries in the EU and diminishing spare capacity of OPEC. Moreover, expected positive manufacturing data from the EU may add to gains of the commodity group.


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Tue, 24 Jan 2012 16:08:37 GMT

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