Oil prices were under pressure overnight, but they have since stabilized, for now, with WTI prices back above $90 and Brent crude oil prices back above $92. The poor German industrial production data weighed on the energy complex, along with the equity market. The data point was another reminder of the economic struggle within the euro zone and a likely recession. The poor euro zone economy directly affects China, as Europe is China’s largest market for its goods. The effect on China’s sales translates into slowing there, and the potential for slowing energy consumption.
Energy Overview — TotalView™ of the Energy Markets