Energy OverView November 4, 2014

WTI oil prices took out $80 support with conviction yesterday and in overnight trading. The drop is being chalked up to actions by Saudi Arabia, again. While they announced a price increase for oil headed to Asia, they cut US bound oil prices, which sparked a flurry of speculation that the battle for market share has shifted to the US. Now, we don’t really believe that the Saudis are intentionally using this mechanism to transmit oil price/supply policy,