Month: May 2014

WTI oil prices spiked higher, yesterday, as the weekly EIA inventory report confirmed the fairly large crude oil inventory drawdown that was previewed by the API on Tuesday evening. Refinery utilization rose back above 90%, indicating demand is there. Overall, inventories remain very high, so it is somewhat difficult to square the strength of the move as being attributable to the report.… Read more

WTI oil prices have climbed above $103, due in part to a large drawdown in US inventories, reported by the PAI last night. Crude inventories fell over 10 million barrels, according to the report. The drawdown was attributable to a large drop in imports to 6.78 million barrels per day, which is significant.… Read more

The new front month July WTI contract is in familiar territory near $102. The usual suspects or factors are at work to support prices. There continues to be no progress in the revival of Libyan oil output, despite repeated deals being struck.… Read more

WTI oil prices continue to churn near $102. Neither the inventory report nor the equity market sell-off was enough to engender a meaningful pullback this week. The offset to the rise in crude oil inventories and the conundrum of the negative equity and bond market reaction to positive economic data remains the geopolitical hot spots.… Read more

WTI oil prices are holding near $102. The decline in gasoline inventories, reported by the EIA, yesterday, helped support the complex. Declining inventories at the Cushing delivery point have also supported prices recently. The inventory situation at Cushing has garnered considerable attention.… Read more

WTI oil prices have retaken the $100 level, and Brent prices are seeing gains, as well. The API reported a drop in US crude oil inventories, ending a long streak of spectacular builds. Notably, inventories at Cushing fell further and imports dropped.… Read more

Oil prices seem more impacted by the slack Chinese manufacturing PMI then the upset in the Ukraine. Brent prices are lower, while WTI is experiencing some gains in what appears to be some spread trading unwinds. We have mentioned how the Ukraine situation cuts both ways, in terms of its effect on the price of oil.… Read more

Oil prices are modestly higher, due to renewed fighting between Ukraine and pro-Russia forces. A Russian government spokesman said that the Ukraine government violence ends all hopes of a peaceful resolution. So, it appears that Russian regular army is set to roll on eastern Ukraine.… Read more