Iran nuclear deal will miss the June 30 deadline
There's something about a June 30th deadline that no one seems to be able to meet.
Oil prices are down 47-cents to $59.79 today in the second day of declines. Technically, the story is a range trade in the $57 to $62 zone that has continued for the past two months.
The fundamental catalyst on the horizon is Iran, which has the world's fourth largest oil reserves. Iran is working with the nuclear powers to lift sanctions and a preliminary agreement was reached two months ago with technical hurdles expected to be ironed out before the end of June.
However, significant gaps have arisen. Top leaders are headed to Vienna, including John Kerry and foreign minister's from the powers.
The real deadline appears to be July 9. That would give Congress 30 days to review sanctions. It all means that Iranian oil isn't likely to hit the market for another six weeks, at the very least.