Month: March 2013

Crude oil prices extended their gains, yesterday, rebounding from losses that were incurred after the weekly inventory report showed a large increase in crude oil inventories and an equally large decline in distillate inventories. There was a reported refinery fire that seemed to spur the complex higher, but heating oil futures really led the way higher on the plunge in distillate fuels.… Read more

There were even more gains for crude oil, yesterday, as the US economic data continues to support the outlook for decent energy demand. Technical buying was also a feature of yesterday’s surge as prices took out key resistance. The durable goods report was particularly supportive for crude oil prices, and the dip in consumer confidence was virtually ignored.… Read more

Oil prices are back on the rebound on the back of renewed economic confidence in the euro zone over the Cyprus bailout deal. The dram came to an end last night, as usual at the last minute. The solid economic data out of the US is helping to support WTI at the expense of Brent crude.… Read more

Oil prices suffered losses, yesterday, as the Cyprus concerns dominated the viewpoint of the maket and the potential for the euro zone to unravel. There are some dramatic comments on the newswire this morning with a Cypriot government spokesman declaring that the “next few hours will determine the fate of the country.”… Read more

Oil prices are lower in overnight trading, taking back some of yesterday’s gains. The confirmation that Federal Reserve easing measures will remain in place for the foreseeable future caused prices to rally. The weekly inventory report was also helpful: it showed a decline in crude oil and gasoline inventories.… Read more

Oil prices took a hit, yesterday, along with everything else, it seemed. For whatever reason, the Cyprus vote created high-drama, and when the parliament failed to approve the plan to raid savings accounts, the markets reacted negatively. Oil, like everything else, it seems, is back on the rebound, today.… Read more

Oil prices fluctuated greatly, yesterday, first catching the risk-off fever generated by the Cyprus bank deposit tithe plan. Price recovered, as word came down that there was flexibility in the bailout plan. The featured trade was a further narrowing of the Brent-WTI spread.… Read more

The dollar is down this morning, and the inverse currency effect is pushing oil prices higher. The price gains have defied our view that a sell-off in the cards. The increase in crude oil inventories and the low refinery run rate are bearish factors for WTI.… Read more

Oil prices are down this morning, after closing basically unchanged, yesterday. The large build in inventories reported by the EIA, in contrast to the previous night’s API report, stemmed support from rising RBOB prices. Gasoline inventories fell more than expected according to the report.… Read more