While crude oil prices weaken after Fed Chairperson Janet Yellen sounds confident about raising rates and Genscape talks about rising supply at the Cushing, Okla., delivery point the story of the day may be another train crude oil derailment.
The AP reports that near Culbertson Montana an oil train derailed prompting the evacuation of some homes and leaving at least two of the cars leaking crude, authorities said. There were no immediate reports of injury or fire, but of the 21 cars that derailed only two remained upright, Roosevelt County Sheriff Jason Frederick said. Burlington Northern Santa Fe spokesman Michael Trevino said the train was pulling 106 loaded crude oil cars when it derailed near Culbertson near the North Dakota border just after 6 p.m. MDT. Officials say there was no immediate threat to public safety. Of course, this wil raise the questions about why we are not building the Keystone pipeline.
Oil is trying to hold $50 but seasonal weakness and fears over Iranian oil supply as well as Yellen talking about raising rates is keeping the market under pressure. Yet, how certain is it that the Iranian oil deal is final. The Wall Street Journal reports today that President Barack Obama's efforts to cement the nuclear deal with Iran hinge on support from a majority of senators in his party, many of whom face competing political pressures as they weigh an agreement that could reshape the U.S. relationship with the Middle East.