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Investing

Crude Oil Rises on Greece, Iran Sanctions (OSG, FRO, CME)

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By Paul Ausick Published
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Crude oil futures rose sharply today on hopes that Europe can shake its economic woes now that the Greek parliament has agreed to adopt strict new austerity measures. Whether that pans out remains to be seen.

What is not in question is that several tanker companies have indicated that they will no longer be loading Iranian crude cargoes. Overseas Shipholding Group Inc. (NYSE: OSG), Frontline Ltd. (NYSE: FRO), and Nova Tankers S/A say that they will keep 138 of their tankers out of the Persian Gulf.

The CME Group Inc. (NYSE: CME), which operates the Nymex crude oil market exchange, issued the following note at about 1:25 p.m. ET today:

The following actions will be taken on CME Globex Crude Complex Futures and Options markets prior to the market opening: All day and session orders, including GTDs with today’s date will be cancelled. All GTCs that have been acknowledged will remain working.

There is no further information available from CME at this time.

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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