Month: January 2015

WTI oil prices made another new low for the move, yesterday. Prices reacted negatively to the FOMC statement, which was fairly hawkish and caused the dollar to renew its rally, pushing down dollar denominated commodity prices. The hawkish statement also works against hopes for greater energy demand, if the Fed is seen in a tightening mode, while the rest of the world scrambles to attach the monetary jumper cables to their economies in Europe, Japan, and even China.… Read more

With the freefall in check, oil prices have given the appearance of stability. However, new lows for the move continue to be made, and the API reported a massive build in US crude oil inventories of over 10 million barrels for the week.… Read more

Oil prices are modestly higher this morning on news of the death of King Abdullah of Saudi Arabia. The king was 92, and he was a voice and actor of moderation, in as much as that term has meaning, within the greater Middle East.… Read more

Oil prices are trying to find a footing and the current up-and-down being seen around $50 for Brent and $47 for WTI is indicative of that. WTI prices are slightly higher this morning, despite another large inventory build reported by the API last night.… Read more

WTI oil prices have fluctuated wildly this week, surging above $51, at one point, before falling back below $45. Option expiration and short-covering helped to produce the spike, while unchanged underlying market conditions undermined the rebound. The IEA is out with its latest forecast, and there is something of a hopeful analysis.… Read more

WTI oil prices made a new low for the epic move lower, but recovered, yesterday, as everyone new bottom seems to engage buyers the way every pot has a cover. It was another day of jawboning the market lower by Gulf OPEC members, as the UAE weighed in, along with Kuwait, on staying the destructive price course of over supplying the market.… Read more

Oil prices are falling again this morning with the daily salvo of bearish elements continuing to hit the market. Goldman Sachs was on the tape this morning saying that WTI prices are headed to $41, and will need to stay there for an extended period, if OPEC is to succeed in squeezing out the US shale producers.… Read more

Oil prices made another new low for the current move or sell-off, but have rebounded back above $48 for WTI and $50 for Brent. There was a strange swoon around 2:00PM, yesterday, but prices quickly recovered. WTI seems to be getting some support from the strong refinery demand, with plants operating at nearly 94% of capacity.… Read more

Oil prices have staged a mild rebound, after falling below $47 in overnight trading. WTI is trading back above $48, as short-covering enters the market, yet again. The violence in France may have spooked or stirred the dormant geopolitical risk premium.… Read more

Oil prices are plunging, once again, nearing the psychologically important $50 level. The sell-off has become a syndrome with daily doses of news that bring reports of increased production and shaky demand. Just this morning, attention is on a surge in output from Russia, where oil production has hit a post-Soviet era high.… Read more