Month: November 2013

The glow of the Iran nuclear accord had the half –life of a gnat, in terms of affecting prices, yesterday. Out of the gate, Brent and WTI prices fell about $2.00 on Sunday night, but most of the losses were reclaimed by the end of Monday’s day session.… Read more

After a series of refinery explosions drove refined product prices higher last week, the Iran nuclear accord is certainly welcome news for consumers. Of course, the deal does throw a switch, allowing Iran to resume full exports, but more of its oil should hit the market, if we understand the easing of the insurance restrictions correctly.… Read more

Oil prices snapped back, yesterday, garnering continued strength from refinery snags and low distillate fuel inventories in the US and Europe, as we head into the peak fuel period. The latest refinery issue was reported out of Port Arthur, Texas, where Motiva’s 88k bpd gasoline cracker was reported down for maintenance.… Read more

The oil market is carefully monitoring the Iran nuclear negotiations, registering some disappointment, in the form of a rebound, over comments by US officials that a deal would be “very hard” to get this week, which echoed President Obama’s recent comments, as well.… Read more

Energy prices were headed lower, yesterday, before the sell-off was derailed by a reported explosion at Total’s large Antwerp refinery. The explosion at the 360,000 bpd killed a worker. Boiling oil remains a very dangerous business. Operations at the refinery have returned to normal except for the gasoline unit, which remains affected.… Read more

Crude oil prices are falling, again, furthering losses from yesterday, which saw a failed rally attempt back above $94 per barrel. The still front-month December WTI price has fallen below 93, eyeing keep support at $92. Chevron’s large refinery in Pascagoula, Mississippi refinery was reported to be operating normally, after a fire on Friday that killed a worker.… Read more

The joy of drivers around the US at the soothing sight of falling pump prices may prove short-lived. The weekly inventory report showed another decline in gasoline stores, and the refinery run rate is remaining stubbornly below 90%, at 88%. There was a rise in the overall utilization rate, which should continue, but things are getting somewhat tight.… Read more

The big news, yesterday, was that the US domestic crude oil production exceeded imports in October for the first time in nearly twenty years. Production hit 7.7 million barrels per day, and imports averaged 7.6 million bpd. In terms of historical perspective, the output would match the level seen in 1995.… Read more

A strong and clearly identifiable uptrend is building, with a series of higher lows and mostly higher highs each day, since the key reversal day from Tuesday. Prices are above the 13-day EMA at 3.593, which is support, and next overhead resistance is seen at 3.65 and 3.67.… Read more