Another big win today for a Hedgeye forecast.
Today's State Department briefing on Iran sanctions has made it official. The United States will not be granting waivers from sanctions on Iran oil sales. Oil prices jumped higher on the news (as well as uncertainty about Libya production).
Our Energy Policy analyst Joe McMonigle has been forecasting this development for some time.
Check out the excerpt below from this Forbes article on May 18th. As you can see, McMonigle is quoted saying we don't think there will be waivers and it will be a catalyst for higher prices.