WTI oil prices have fallen below $50, again, this morning. The recent flurry of buying, on the back of the refinery strike and the fixation on the falling rig count, has met the hard reality of an unchanged landscape. The IEA reminded the market that there is still oversupply that is will likely find its way into storage in all-time record amounts, globally.… Read more
Energy OverView February 10, 2015
Oil prices continue their recovery, having found some footing above $50. The price slide was abruptly stopped by the refinery workers strike, which continues to spread. Shell is the lead negotiator and the company is driving a hard bargain. Since US refiners have been and continue to be strong, the union demands for a greater compensation has a ring to it.… Read more
Energy OverView February 3, 2015
WTI oil prices have posted a strong rebound off of the lows from last week, surging over 10%. WTI has retaken the $50 level, as short-covering produces a rush to buy back formerly profitable positions. If there was an upside for the market, it was the strike against nine US refineries by the United Steel Workers union.… Read more