Oil prices have now fallen below where they were before the assassination of General Soleimani, suggesting that traders have turned their focus away from geopolitical tensions and are instead worrying about a global oil glut in 2020. Oil prices are set to close out the week down sharply, lower than where they were before the Soleimani killing. WTI is currently nearing its one-month low. With de-escalation in the air, the geopolitical risk premium has disappeared for the time being. Product stocks soar . Crude stocks rose slightly in the past week, but gasoline stocks shot up sharply. In the past two weeks, gasoline stocks have increased by more than 22 million barrels. The EIA data was released shortly after President Trump spoke about Iran, a move the market interpreted as a de-escalation. The EIA data combined with the Iran news sent oil prices tumbling. Iran wants U.S. out of […]