Month: June 2013

Oil prices are middling, again, after reclaiming yesterday’s initial losses. It was a volatile day across-the-markets, and the currency fluctuations seems to push oil prices higher. Concerns over the stability of Turkey also played a role. The market seemed to ignore the downward demand forecasts from OPEC and the EIA, which has now been echoed by the IEA.… Read more

Oil prices are down over $1.00 per barrel, as OPEC cut its demand growth outlook in its latest monthly report. The cartel has finally recognized the drag on demand from China’s slowing economy. We expect the IEA, and EIA to do the same in their upcoming monthly reports.… Read more

Oil prices rallied along with equities on Friday, after realizing the Fed would not be tapering anytime soon, due to the persistent lackluster jobs data. As we discus above, the data are middling, but they are in the right spot in terms of allowing for more asset purchases.… Read more

The resiliency of crude oil prices showed themselves, again, yesterday. The huge drawdown in inventories reported on Tuesday and Wednesday in the weekly reports were punctuated by a Genscape report, yesterday, that indicated Cushing, OK crude oil inventories fell over 1 million in the past week.… Read more

Brent crude oil was the tar of the complex, yesterday, on word that South Korea would resume subsidies for refiners to purchase crude from other than Middle East sources. The subsidies cover the additional transit costs from the farther flung production sources.… Read more

Crude oil prices are slightly lower this morning, after rallying back, yesterday. Production issues in the North Sea sparked the rally, but the latest problems appear fleeting. Oil prices also ignored the negative ISM Manufacturing reading, yesterday. While we believe prices are likely to fall, we seem to have an increasing amount of company, which is worrisome.… Read more