In The Oil Patch Radio Show is proud to bring you this week’s energy minute produced by shalemag.com. Here’s Texas Railroad Commissioner Ryan Sitton with your current industry update:
Yesterday morning, president Trump said a u s navy ship had downed and Iranian drone in the Strait of Hormuz hours after Iranian forces said they had seized a foreign tanker oil prices rose after Thursday’s announcement with West Texas intermediate futures 0.6% higher at $57.12 a barrel. The steep rise in oil prices despite the small cargo involved underscores market sensitivity to oil disruptions in the Persian Gulf. But afternoon prices switched to a 2.9% drop to $55.89 a barrel. As investors focused on a huge rise in fuels stockpiles, including me, 3.6 million barrel jump in gasoline inventories.
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