Oil prices remain under pressure from a well-supplied market. That was the conclusion of the IEA, yesterday, that we referenced, which cited rising North America output, an Atlantic basin glut, and steady output from several troubled countries, including Iraq and Libya.… Read more
Energy OverView August 12, 2014
Oil prices were lower overnight, on the continued relative calm in the regional trouble spots and a fairly bearish report from the IEA. The lack of genuine threat to oil output in Iraq and Libya continues to work against prices. Brent crude oil is below $105, and WTI is eyeing support at $97 again.… Read more
Energy Overview August 11, 2014
Brent and WTI crude oil prices are slightly higher this morning, as they tread water due to competing forces represented by geopolitical tensions and slack demand. Prices have processed the fighting in Iraq and Libya quite well. In Iraq, while the horrific accounts of atrocities by ISIS forces abound, the oil keeps flowing, especially out of the south.… Read more
Energy OverView August 8, 2014
il prices are adding to yesterday’s gains, but have backed off the highs seen overnight. The gains have been fueled, once again, by geopolitical tensions in Ukraine and Iraq. Last night, President Obama stepped into the Iraq breah by announcing humanitarian aid to routed Iraq minorities who holed up on a mountainside and being starved out by IS forces…
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… Read more Energy Overview August 6, 2014
Oil prices are higher this morning, after re-testing recent lows, yesterday. The selling that gripped the equity markets, in the aftermath of comments by Poland’s foreign minister on an impending Russia invasion of Ukraine, found its way to the petroleum complex.… Read more
Energy OverView August 5, 2014
Oil prices continue to rebound, after the recent, stark sell-off. WTI prices will get more support from the weekly inventory data, which will show another drawdown. The effect the CVR refinery outage will not been seen until next week’s report. Both Brent and WTI crude have gotten support from the renewed battle in Iraq.… Read more
Energy OverView August 4, 2014
Oil prices are rebounding mildly, this morning, with the other markets, recovering from steep losses last week. Oil prices fell, along with the equity markets, in a generalized “risk-off” trade. The end of the month seemed to bring some book squaring that pressured the expiring refined product futures disproportionately.… Read more