Front-month NYMEX crude settled below $30/b for the first time since December 1, 2003, as a wave of selling spread across futures and equities markets, while reports of an imminent implementation of the Iranian nuclear deal added to supply glut concerns. NYMEX February crude settled $1.78 lower at $29.42/b and ICE March Brent — which is now the prompt contract — settled down $1.94 at $28.94/b. During trading, WTI fell as low as $29.13/b, last lower in November 2003, while Brent touched $28.82/b, the lowest level since February 2004. Both contracts shed significant value over the course of the week, with WTI dropping $3.46, or 10.5%, from last Friday’s settle and Brent sliding $4.61, or 13.7%. Refined products tracked the fall in crude prices, with NYMEX February RBOB settling 4.72 cents lower at $1.0212/gal and ULSD 4.65 cents lower at 93.43 cents/gal. The impending addition of Iranian oil to […]