Month: June 2013

WTI crude oil will finish the first-half of the year about three dollars higher than where it began the year. It did lurch 10 dollars down and promptly reverse about 15 dollars higher, so the three dollar change took a lot of blood, sweat, tears, and, possibly, a career or two.… Read more

Oil prices were volatile, yesterday, they fell in response to the report of Q1 GDP being revised downward to 1.8%, but then rallied on the realization that the report gives the Fed precisely the cover it needs to continue to its bond buying program in unadulterated fashion.… Read more

The China money-market scare weighed on oil prices for a couple of days, but those fears have ebbed and prices have rebounded. Over the past several years, the weather has been extreme. Hurricane Irene and Superstorm Sandy have wreaked havoc, and we recently some of the most violent tornadoes in US history.… Read more

There are more losses for crude oil this morning, even after prices fell the most in one-day since September on Friday. It was a tough several days for the bulls. Commodity markets seem to have lost a pillar of support from the Fed’s possible retrenchment and the near-seizing of China’s money market.… Read more

For all the hoopla enveloping the markets, yesterday, and the excited reportage, WTI finds itself at $95.50. That hardly puts it in swoon territory. The resiliency of crude oil prices continues to be curious on its face. The outsized US inventory level, the swelling production, and the liberation of stranded md-west oil via new pipeline routes and rail delivery has had little effect on the view that the global oil market is or is about to become tight.… Read more

Oil prices did not react very much to the FOMC pronouncement nor the Chairman’s comments, yesterday. Overnight, however, prices tumbled along with everything else. A read on China’s manufacturing worsened; the HSBC flash PMI fell to 48.3 from 49.2 in May.… Read more

The crude oil market is casting a wary eye on the Syrian conflict. It has been cited as the primary reason for the recent rise. The latest aspect of the situation did have Russia’s Putin agreeing to a G-8 communique that calls for a political solution to the crisis that implied a post-Assad Syria.… Read more

WTI prices are, once again, up against tough price resistance. Prices surged toward $99, early yesterday, but the gains did not hold. Prices seemed to fall on news that Libyan oil production has rebounded back above the 1 million bpd level, after recently falling below that mark.… Read more

WTI prices are building on last week’s gains, and they appear headed above $100. The renewed surge comes on the back of extensive oil output issues in several OPEC countries. Specifically, Libya’s output fell below 1 million bpd, Nigeria has had sporadic issues, and several other African producers have experienced difficulties.… Read more

For all the tumult in the global equity markets, oil prices are down modestly. In fact, with WTI just above 95.50, everything would seem alright, in terms of the functioning of the global economy and energy demand outlook. The three major oil market monitoring agencies did reduce their demand outlook, but not by very much.… Read more