Month: February 2013

Oil prices closed at their lowest level of the year, yesterday. Gasoline prices fell hard, finally reacting to news of the restart of Motiva’s gasoline unit in the Gulf. Early reports emerged over the weekend and were subsequently confirmed by Genscape’s infrared monitoring.… Read more

Oil prices fell, again, yesterday, as Italian political disarray and a plunging euro intruded on the attempt to build upon Friday’s rebound. As U.S. equity markets fell, late yesterday, so did energy prices. The capital flight to US Treasury securities and the dollar was on.… Read more

Crude oil prices are rebounding this morning, as the currency influence plays out again. The dollar index is down, along with the yen. The Italian elections did not rock Europe, and, in fact, the early exit polling is showing a result the markets can embrace

Crude oil prices fell further, yesterday, and the fall this week has been swift and outsized. The $98 mark has proved formidable resistance for WTI. The growing open interest to record levels was obviously made up of late-comers with weak conviction.… Read more

Crude oil prices got hit hard, yesterday. The dollar rose significantly against the pound sterling, after rising against the yen in recent weeks and rising against the euro this morning. In addition, news that the major nuclear powers would reach out to Iran for, yet, another run at cutting a deal over Iran’s nuclear ambitions.… Read more

The April gasoline crack (versus WTI) is above $43.00 per barrel. It is stunning. The April RBOB contract has risen over 40 cents-per gallon, since the New Year. As we head toward the March contract’s expiration, at the end of the month, it could get real ugly for consumers.… Read more

WTI oil prices were dragged higher by surging gasoline prices. Despite East Coast gasoline inventories at one-year highs, gasoline prices have spiked higher from the moment announced the closure of its Port Reading, NJ refinery. Brent crude oil prices have also surged, and those values determine gasoline prices on the East Coast more than WTI, but it has been a remarkable run.… Read more

WTI Crude oil prices are pressing up against a critical level, $98 per barrel. It is the line in the sand, prior to a run to $100. Crude is rising even as the IEA lowered its 2013 demand outlook, which was in contrast to the rise seen by OPEC and the US EIA.Some… Read more

The pesky element of geopolitics is back in the mix this morning, on news of the latest nuclear test by North Korea. It appears the mouse has played, while the cat is away. The test has occurred during the Chinese lunar New Year celebration, after China had strongly warned against any further test.… Read more

Dollar strength against the pound and the yen appears to be causing a commodity sell-off this morning. Brent crude is down a dollar barrel, below $117, while WTI is down marginally. Some of the losses are related to Brent-WTI spread profit-taking, after the spectacular run that trade has been on.… Read more