Month: December 2012

Crude oil prices tried to fall, yesterday, but a rebound in the Philly Fed Index, a 3.1% GDP reading for Q3 and a rise in consumer confidence all combined to produce a mild rally. Prices even looked to challenge some key upside resistance and go for a run.… Read more

Crude oil went its own way for the first time, in a while, yesterday. Prices ignored the fiscal cliff wrangling (which may be instructive for all!) and a bearish weekly inventory report. Prices are higher this morning, rallying above $90 per barrel.… Read more

WTI has rallied above $89 per barrel and Brent looks poised to take out $110. Prices are being supported a reported draw in US crude oil inventories by the API last night, as year-end destocking takes place for tax reasons. It appears that all fracking in the world can’t offset the immovable object that is the tax code.… Read more

WTI futures mounted a rally that was mostly attributed to progress on the fiscal cliff negotiations. There was another technical aspect at work that helped support WTI at the expense of Brent. A rehash of a story that Enbridge was moving up full operation of its Seaway pipeline to January was around the market.… Read more

Oil prices continue to tread water, rising and falling modestly on what’s left of news for the balance of the year. Really, the fiscal cliff is the primary mover, and the realization that going over, if fixed early in the New Year, is not cataclysmic has taken away some of the market-related gyrations.… Read more

Oil prices are on the rebound this morning, after falling yesterday in the aftermath of the FOMC decision and alleged concerns over stalled fiscal cliff talks in Washington. The motivation for buyers is coming from China, where the latest purchasing manager’s index rose to 50.9, indicating economic expansion.… Read more

The mega-decision by the Federal Reserve overshadowed bearish fundamentals for crude oil, yesterday. The weekly inventory report showed large inventory builds in all three major categories, crude, gasoline and heating oil. The report also showed that refiners are running at elevated rates for recent times, above 90%, which is hitting up against demand that continues to wane.… Read more

It is a busy news morning for the oil market. Among the items, comments from the sidelines of OPEC indicate a deal to rollover the current quota scheme, even though Iran and Algeria are bemoaning overproduction of the group. The IEA has increases its oil demand outlook for next year, citing a rebound in China’s economic prospects.… Read more

Oil prices continue to cover the same ground, up and down, but there appears to be more down than up, in terms of price action and sentiment. China posted a mixed data set over the weekend that allowed one to pick among them to construct a bullish or bearish scenario from the China effect.… Read more

Oil receded further from resistance, now set at Monday’s 90.33 high. But even though prices dipped to a 87.57 low, bias will stay neutral. There market is still contained by resistance around 89.20-89.30, if breached it will move to the next target at the new high of 90.33; meanwhile a support is seen at 88.50 which if breached could open a path to the next downside target of 87.60.… Read more