05/13/2026
From our friends at Angus Energy: "Oil prices have jumped above $100/bbl (WTI) once again, and ULSD prices are looking at new highs for the June futures contract. Even with today’s slight weakness in distillates, crude oil is holding steady. The quote about a billion barrels being off the world market over the last 11 weeks is enough to make people notice. Iranian production might be continuing, but there is very little flowing anywhere outside of the country. The hope is that, with enough economic pressure, the Iranians will come to the table to discuss a deal that is something short of demanding that the U.S. surrender (would love to be their P.R. guy!). This week’s planned meeting with Chinese leadership might be an opportunity for President Trump to move things along in many ways, but superpowers don’t generally reach agreements that quickly. The term I heard to describe the likely outcome of the U.S.-China leadership summit was “nothingburger.” I guess we will see."