There are some definite bright spots for the US economy, but overall data remains spotty. The developing world is holding its own, but without the roaring advances of recent years. Europe is still on the precipice. Additionally, policymakers there have taken no substantive steps towards a lasting solution.… Read more
Energy OverView April 27, 2012
Some positive housing data added some economic optimism yesterday. But the advance in oil prices looks more and more tentative given the late selling yesterday. Follow on action through the Asian and early European sessions continues today off a downgrade of Spanish government debt.… Read more
Energy OverView April 26, 2012
Another day, another inconsequential NYMEX session where both ends of the day’s range were tested several times, but ultimately ended in positive territory. Early support came from weakness in the US dollar coincident to weaker then expected durable goods and reports that Iran might be considering halting their nuclear program in hopes of avoiding further sanctions.… Read more
Energy OverView April 25, 2012
Price action has held to a tight range through the Asian and early European sessions. The scale remains balanced between anxiety over demand growth against the possibility of supply disruption. As long as a the West and Iran appear to be attempting a diplomatic solution to the nuclear impasse, economic woes should dominate and keep prices confined to its current range
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… Read more Energy OverView April 23, 2012
More signs that China is slowing, rumblings from European electorates, and window-dressing from the IMF/World Bank proceedings, over the weekend, have cast a pall over global financial markets at the start of the week. Finally, the growth story is starting to register.… Read more
Energy OverView April 20. 2012
Europe, the US and China, versus a simmering geopolitical climate, this is the fulcrum on which the market balances. How well or poorly are the major oil-consuming economies doing? As long as talks with Iran are either occurring or going to occur takes some of the heat away from that condition, but it is still there.… Read more
Energy OverView April 19, 2012
Yesterday’s stockpile data showed stockpiles at the Cushing, Oklahoma NYMEX delivery point rose 592k bbls to 41.18 MM bbls, the highest level since May 2011.While higher than expectations, when viewed through the prism of the refined products decline, the report tips to the bullish side.… Read more
Energy OverView April 18, 2012
Investor sentiment was buoyed by more positive earnings reports, a surprising German investor confidence poll, and a favorable Spanish debt auction. The dollar and yen also faltered to the benefit of the euro. Iranian intransigence remains a wild card. Of course the, yesterday’s action begs the question, is the almost two month decline over?… Read more
Energy OverView April 17, 2012
Crude oil prices have reversed course higher as the European markets opened. Generous response to Spain’s short-term debt sale this morning has boosted the euro at the expense of the dollar, helping to support crude oil prices so far. News yesterday of an earlier reversal of the Seaway pipeline, inconclusive talks on Iran’s nuclear program, over the weekend, and Argentina’s nationalization of Repsol assets
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… Read more Energy OverView April 16, 2012
Market reportage is carrying the curious warning about renewed concern over the spreading European contagion. What is so curious about it, is that any rational consideration could never have concluded that it was not going to. Moreover, was China going to be able to overcome the difficulty of monetary policy formation, given the misallocation of resources in their centrally planned economy?… Read more