Month: July 2014

Oil prices are continuing a sell-off that began yesterday afternoon. The reasons for the decline range from the Argentine debt default to fears over an economic slowdown due to the Ebola virus outbreak to weak fuel demand. The EIA weekly inventory hinted at the demand softness, in its report yesterday.… Read more

WTI oil prices are catching up, this morning, with some of the greater losses experienced in the Brent crude oil market, yesterday. Brent came under pressure, on the realization that all the talk of greater sanctions on Russia has a flip-side: there could be considerable damage to the Russian, EU and global economy that will impair oil demand.… Read more

Oil prices are exhibiting some weakness, as demand for refined products falters. In Europe, distillate demand is weak, and US refined product demand has been lackluster. Oil prices are also weak, due to rising output. Even though Tripoli is ablaze, Libyan oil output is on the rise.… Read more

WTI crude oil prices rose, yesterday, due to a bullish report from the EIA. In its weekly statistical report, crude oil inventories fell by 4 million barrels, which was more than expected. Strong demand by US refiners caused the decline, as they continue to run at elevated rates.… Read more

September WTI oil futures prices continue to churn near $103, as the oil market cannot, as easily, shrug off the crisis in Ukraine and Gaza, as the equity markets. To reiterate a common theme or point here: the Ukraine situation has a lot of Russian crude oil and refined products hanging in the balance, not to mention the natural gas needed to heat European homes this winter.… Read more

WTI oil prices continue to churn near $103, as the oil market cannot, as easily, shrug off the crisis in Ukraine and Gaza, as the equity markets. To reiterate a common theme or point here: the Ukraine situation has a lot of Russian crude oil and refined products hanging in the balance.… Read more

Oil prices reacted strongly to the geopolitical events that unfolded, yesterday. The attack on the Malaysia airliner brought the Ukraine crisis into stark focus. We had already seen oil prices rise on the imposition of additional sanctions on Russia the previous day.… Read more

WTI oil prices have reversed off of their lows from earlier in the week. The Libyan oil output return became cloudy again, as the Libyan oil minister, who previously heralded its quick return, discussed necessary maintenance that now needs to be undertaken.… Read more

WTI oil prices are on the cusp of breaking $100 per barrel. The catalyst appears to be a surge higher in Libyan oil output to 588,000 bpd – yes, it is an amazingly exact figure, but it comes courtesy of the acting Libyan oil minister.… Read more

WTI oil prices are lower, again, this morning, building on last week’s losses. In fact, WTI prices came within 25 cents of breaking below the $100 level. Brent prices are slightly higher, having found support near $107. Of course, Brent prices broke below $110, last week, with conviction as oil supplies from Libya and Iraq seemed more secure.… Read more