WTI prices fell, yesterday, after, climbing above $97. Brent crude oil continued its climb, however, and is now above $118. The Brent-WTI spread dynamic is still very much at work. The latest news impacting the spread was news that BP’s Whiting Indiana refinery restart would be delayed again.… Read more
Energy OverView February 6, 2013
The real price action in the oil market right now is being driven by the dynamics of inland US oil production, and the infrastructure vagaries. The Seaway pipeline reversal was supposed to liberate stranded mid-continent barrels and reduce the price spread between Brent crude and WTI.… Read more
Energy OverView February 5, 2013
The idea that progress could be made in the Iran nuclear dealings was given some considerable attribution for yesterday’s decline in oil prices. The story has some legs on word that Iran will meet with world powers on February 26 in Kazakhstan.… Read more
Energy OverView February 4, 2013
While most markets are lower this morning, crude oil has its own narrative. The geopolitical premium is ebbing as a result of Iran’s cautiously positive reaction to statement by Vice President Biden, last week, that direct, bi-lateral talks were possible between the two countries.… Read more
Energy OverView February 1, 2013
Brent crude oil prices have been surging on the rising geopolitical tensions and the dynamics of the Brent-WTI spread over internal US pipeline machinations. Brent topped $116 on news of bombing at the US embassy in Ankara, Turkey. The Israeli airstrike in Syria also raised the security premium.… Read more