Month: July 2012

September crude oil prices climbed to a new five day high in overnight action, but they trended lower throughout the US trading session, bringing an end to the four day winning streak with an 89.78 settlement. Apparently market participants were registering their disappointment that neither the ECB or the Federal Reserve will emerge from their respective meetings with anything close to resolution.… Read more

Market participants appear quite enthusiastic about policymakers’ affirmation of the single currency in Europe, expecting great strides will come out of the ECB meeting on Thursday. Asian stock markets surged overnight, carrying crude oil higher as well, on the assumption that positive demand may ensue following reports that the ECB will re-launch the SMP together with EFSF primary market purchases.… Read more

The much awaited U.S. GDP report was slightly better than expected, coming in at 1.5%. It was accompanied by several years of revisions, which basically revealed that 2009 was better than you thought and 2010 was worse. Take that to your therapist.… Read more

The strong reversal off today’s low, so far, has been driven by headlines, once again. This time however, it is not a threat from the Iranians; it is from none other than Mario Draghi shaking the euro pom-poms. Was he announcing a resolution to the euro-crisis?… Read more

Oil prices keep meandering in a precarious equilibrium, balancing concern for unrest in the oil producing regions against a growing European contagion. Slowing in China and mixed earnings reports has added to a marginally bearish cant. However, some activity amongst European policymakers and the stock market holding up has emboldened buyer today.… Read more

Market participants were quickly reminded on Friday that the EU sovereign debt problems have not changed and are here to stay until the EU leadership solves them once and for all; an outcome that does not appear to be forthcoming. Could be the beginning of the much feared domino effect, which ultimately leads to Spain having to join Greece, Portugal and Ireland in asking for an official rescue?… Read more

As the week ended, it looked like the rising level of geopolitical tension was ready to propel crude oil prices back towards $100. The ongoing political unrest in Syria, and Israel’s accusation against Lebanon increased the possibility of retaliation and consequent supply disruption.… Read more

Front month WTI extended the upward push to seven sessions yesterday, and broke through an important technical marker before retreating. The complex surged to the upside largely on geopolitical issues related to a renewed clash of rhetoric between Israel and Iran and civil unrest in Syria.… Read more

September crude oil prices extended their recent winning streak to six days and registered a new high for the move. Yesterday’s focus fell not only on a supportive EIA report, but also mounting violence in Syria, rising tensions with Iran, and Chairman Bernanke’s skepticism about the economy falling back into recession.… Read more

Whether one agrees with Chairman Bernanke’s economic philosophy or not, all will admit he is not a stupid man. Only the financial press hinted that there might be some market-moving policy revealed in his testimony yesterday. He revealed exactly nothing, other than that they remain on guard and will use all the tools available to fulfill their mandate.… Read more