Energy OverView February 1, 2012

Chancellor Merkel again wins the quote of the day award, commenting that “Considering the time frame, this was a real masterpiece.” Say what?! The 16th summit over two years accomplished exactly nothing in resolving the European malady. The bond vigilantes may not hold policymakers’ work in such high regard. Nevertheless, oil traders seem somewhat encouraged that economic Armageddon will not arrive tomorrow. Instead, Iran will help that cause and it will be a source of worry a bit longer.