Energy OverView June 30, 2014

Oil prices continue their fall, as the Iraq situation gets increasingly discounted. At least as it relates to oil, the damage in Iraq has not been tangible. The Baiji refinery remains in play, but whoever gets it looks to keep it operating. The Kurds have secured the Northern oil fields excluding ISIS forces from the region. Israel has made things interesting by calling for recognition of a new Kurdish state. The Iraq central government has fortified its defenses, ebbing the ISIS surge to the South.