May crude oil prices trended higher throughout the US trading session yesterday, supported by short-covering sparked by the loss of momentum below 101.00. This was exacerbated by a breakdown in the dollar to a new seven-day low. US economic data offered a boost in Q1 growth prospects, which was also helped propel price action back above the 104.00 level.… Read more
Energy OverView April 12, 2012
Just when it seemed the refining industry was coming out of maintenance season, there is another pullback in utilization. Consequently, the assumption must be made that utilization rates reflect market conditions and not maintenance. Crude stocks rose by 2.8MM bbls, the third straight weekly gain, but significantly less than expectations.… Read more
Energy OverView April 11, 2012
Disappointing US job growth and rising economic maladies in China sapped investor confidence for a second day, putting most markets into a retreat from their stellar Q1 performance, including the oil complex. Additionally, China reported a decline in March crude oil imports and crude oil stocks are expected to build again this week in the US, adding to the approximately 23MM bbls million barrels…
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… Read more Energy OverView April 10, 2012
Global markets are still reacting to the disappointing US jobs data, released on Friday. Asian and European markets, which were closed yesterday, confirmed the lack of confidence that US market participants expressed on Monday. Additionally, oil market participants may be placing too much optimism on the outcome of coming talks, later this week in Istanbul, between Iran and the West,
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… Read more Energy OverView April 9, 2012
The Labor Department released the monthly nonfarm payroll data into a void with markets closed for the long holiday weekend. Only a disappointing 120k new jobs were created versus most expectations for a gain of about 200k. The headline unemployment rate did drop by 0.1% to 8.2% not a consequence of new job gains, but rather it was more a measure of those dropping out of the job markets.… Read more
Energy OverView April 5, 2012
Rising stockpiles of crude oil in the US combined with concerns about downside risks to the EU’s economic outlook expressed by ECB President Mario Draghi which exerted pressure on the single currency to the dollar’s benefit, and ultimately WTI prices. The larger picture, of course, is quite simple to comprehend.… Read more
Energy OverView April 4, 2012
The FOMC minutes are being given an outsize role in the reversion back down of oil prices by the 24 hour news maw; so let us parse them. At first glance it seems as though the central bank is moving away from QE3, which is positive for the dollar, and so a weight on prices.… Read more
Energy Overview April 3, 2012
Reportage this morning is breathlessly recording the effect of yesterday’s economic data on oil prices. In fact, the pace of buying was probably more influenced by loading delays for North Sea oil cargoes. While the timing was roughly coincident, it is hard to accept the idea that The Institute for Supply Management’s index of US factory activity rising marginally to 53.4
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… Read more Kilduff CNBC Energy Blog
Kilduff: Those Rumors Behind the Rally in Oil
Published: Friday, 23 Mar 2012 | 12:59 PM ET
Want to move the oil market these days? Fire off a headline about Iran, and, with the help of instant messaging, tweeting, blogging, and some old fashioning phone calling, you get a significant rally.… Read more
Energy OverView April 2, 2012
The current low mark after the recent high was posted last week at 102.13. That is where is should be headed. A deeper fall towards that mark should be seen initially this week. Interim support may give the bears some pause at 101.21 and bring rebound.… Read more