Month: March 2014

espite a large reported increase in overall oil inventories, oil prices were higher, yesterday. Those gains are being maintained this morning, as geopolitical tensions and supply issues that never seem to fully recede support prices. The Houston Ship Channel oil spill may have more of an impact on inventories in the very short-term, but it still represents a bullish element.… Read more

WTI oil prices continue to flirt with the $100 level. The Houston Ship Channel saga both boosted prices and dragged them down, as the situation waxed and waned, yesterday. At one point, the Coast Guard sounded a lot more like the EPA than the maritime police in suggesting its overarching concern about the state of the oil spill, at the expense of shipping interests.… Read more

WTI oil prices held onto small gains, yesterday, and they are flirting with the $100 barrel level this morning. The Houston ship channel incident has impacted ExxonMobil’s Baytown refinery. A Reuters’s story quoted one refinery employee based at the Houston Ship Channel as saying they were “toast” due to the shipping disruption.… Read more

Crude oil prices are higher this morning, despite tepid PMI manufacturing data out of China and Europe. The Houston Ship Channel remains closed, after a barge collision caused a fuel spill of some magnitude. The closure could persist all week, so it may prove supportive for prices, as crude oil deliveries will be hampered.… Read more

We were away for a couple days, and oil prices rose and fell on the various headlines. The expiring front-month April managed to climb above the $100 mark, on some of the geopolitical angst around Crimea and yesterday’s inventory report. The inventory levels at the Cushing, OK delivery point fell again to their lowest since January 2012.… Read more

Oil prices are fairly stable given all the angst swirling around over the Ukraine situation. It is a difficult analysis as to whether the Ukraine situation is bullish or bearish for oil. Russia’s oil production and supply to Europe hangs in the balance and its loss to the market is certainly supportive.… Read more

After a precipitous fall this this week, oil prices have stabilized this morning. The stabilization around $98 for WTI comes despite more disappointing economic data out of China. Factory output grew, but much less than expected. The growth of 8.6% is impressive on its face, but the markets were pricing in 9.5% of higher.… Read more

Oil prices pulled back sharply, yesterday, on the plunge in exports by China, the world’s swing consumer. China’s economic health is key to the oil market and the price outlook. The 18% plunge in exports was unexpected to say the least, and it comes on the heel of fears over China’s banking system and the equivalent of their money market industry.… Read more

WTI oil prices tested support near $100, yesterday, and prices seemed to reflect the diminishing demand prospects, as the calendar turns and we get into the upcoming shoulder demand season. Prices rebounded, however, not long after President Obama spoke to reporters, announcing sanctions related to the Ukraine crisis.… Read more

Oil prices continue to shed the recently acquired Ukraine security premium. WTI oil pressures were pressured lower by the weekly inventory report, which showed gains in crude oil and distillate inventories. On the latter increase, the East Coast seems to still be getting help from European imports.… Read more