Laserfiche WebLink
Source: Bloomberg Indices Source: Bloomberg Indices <br />ENERGY MARKETS <br />Crude oil prices declined sharply in June as supply disruptions tied to the Middle East conflict began to ease. Tanker traffic through the <br />Strait of Hormuz normalized, and signs of progress in U.S.–Iran negotiations helped unwind the geopolitical risk premium that had driven <br />prices higher earlier in the year. West Texas Intermediate settled near $69.37 per barrel on June 30,while Brent crude closed around <br />$72.96, both well below their recent peaks.Brent’s 21%monthly decline marked its steepest drop since March 2020,while WTI fell more <br />than 20%, its largest monthly loss since late 2021.Beyond crude, broader energy markets also softened. Refined product cracks narrowed <br />as gasoline and diesel demand showed signs of seasonal moderation, while U.S. natural gas prices remained range-bound amid ample <br />storage and steady production. Taken together, the retracement in oil and broader energy prices reflects a rapid compression in <br />geopolitical risk premia and improved near-term supply visibility, even as underlying structural risks in the region remain unresolved. <br />2.00 <br />2.50 <br />3.00 <br />3.50 <br />4.00 <br />4.50 <br />5.00 <br />5.50 <br />6.00 <br />6.50 <br />US Fuel Prices <br />Average Retail Price US Diesel <br />Average Retail Price US Gas <br />( <br />$ <br />) <br />Pe <br />r <br /> <br />G <br />a <br />l <br />l <br />o <br />n <br />40 <br />60 <br />80 <br />100 <br />120 <br />140 <br />160 <br />Oil Prices <br />West Texas Intermediate (WTI Spot <br />Cushing) <br /> Dated Brent (Global Spot) <br />Pr <br />i <br />c <br />e <br />Pe <br />r <br /> <br />B <br />a <br />r <br />r <br />e <br />l <br /> <br />( <br />W <br />T <br />I <br /> <br />S <br />p <br />o <br />t <br />) <br />6 <br />Page 176 of 373