Energy OverView January 12, 2012

Bearish inventory reports by both API and EIA had little effect on prices, allowing only a 100.88 low yesterday. Even as prices test the upper end of what has become a familiar range, it should be remembered that crude stocks now show a 1.5 MM bbl surplus to last year. Market participants seem to be holding prices above 100.00, as long as the dispute with Iran keeps percolating.