Month: August 2014

WTI oil prices had little reaction to the weekly inventory report, which was mostly bearish. While there was a significant net drawdown of crude oil inventories of 2.6 million barrels, Cushing inventories rose 588,000, which was much more than expected and double the amount reported by the API.… Read more

Oil prices are higher ahead of the weekly inventory out later this morning. Last night, the API report gave the market some support, after it showed another overall decline in US crude oil inventories. The market also got a good old fashioned fundamental boost from a reported outage at ExxonMobil’s Baytown refinery, where the FCC unit, which is key element in gasoline production, apparently malfunctioned.… Read more

WTI and Brent prices are slightly higher this morning, after a mixed day yesterday. The back-and-forth in the oil market is the divide the growing supply dynamic and geopolitical tensions that threaten that very balance. The trouble spots are on the doorstep, if not in the basement, of key production zones.… Read more

Brent crude oil prices dipped below $102 for a time last night, but they have since rebounded. WTI prices are slightly higher this morning, as well. The price support is emanating from renewed concerns over Libya. The airport in Tripoli was taken by Islamist militias over the weekend, and, while it’s hard to tell the players without a scorecard, the bodes poorly for the country’s already lacking stability.… Read more

Oil prices are slightly lower this morning, after a rebound yesterday for WTI prices. The strong US equity market and a veritable slew of good economic data seemed to get investors to favor the domestic crude oil variety at the expense of all other blends.… Read more

Oil prices are lower this morning, taking their latest hit from a disappointing reading on China’s manufacturing sector. The HSBC flash manufacturing PMI for August fell to a three-month low to 50.3 versus expectations of 51.5. The reading is just above the dividing line between expansion and contraction at 50.… Read more

It was another rough day in the energy complex. Oil prices gave back most of the temporary gains from Friday, as the story of relative over supply grows, literally and figuratively. The gains by Kurdish, Iraqi, and US forces against IS forces in Iraq also helped reduce the security premium.… Read more

Oil prices took a vicious turn back higher on Friday as headlines out of Ukraine seemed to stoke a flight to quality that spilled over into oil. Oil prices had posted some hefty losses, so the snapback had the look of a bull trap.… Read more

Oil prices plunged, yesterday, with the weakening demand outlook and rising production too much for market participants to handle. WTI prices fell to nearly $95 per barrel and Brent touched $102. (Editor’s note: we had a typo yesterday, which should have shown WTI hovering around $97 per barrel, not $94.)… Read more

One could get the idea that oil prices are plunging, but WTI prices have been basically treading water around $94. Brent prices have slid a bit more, trading below $104 at times. Of course, both commodities have fallen almost 10% from their highs in June.… Read more