Author: johnkilduff

WTI oil prices continue to churn near $102. Neither the inventory report nor the equity market sell-off was enough to engender a meaningful pullback this week. The offset to the rise in crude oil inventories and the conundrum of the negative equity and bond market reaction to positive economic data remains the geopolitical hot spots.… Read more

WTI oil prices are holding near $102. The decline in gasoline inventories, reported by the EIA, yesterday, helped support the complex. Declining inventories at the Cushing delivery point have also supported prices recently. The inventory situation at Cushing has garnered considerable attention.… Read more

WTI oil prices have retaken the $100 level, and Brent prices are seeing gains, as well. The API reported a drop in US crude oil inventories, ending a long streak of spectacular builds. Notably, inventories at Cushing fell further and imports dropped.… Read more

Oil prices seem more impacted by the slack Chinese manufacturing PMI then the upset in the Ukraine. Brent prices are lower, while WTI is experiencing some gains in what appears to be some spread trading unwinds. We have mentioned how the Ukraine situation cuts both ways, in terms of its effect on the price of oil.… Read more

Oil prices are modestly higher, due to renewed fighting between Ukraine and pro-Russia forces. A Russian government spokesman said that the Ukraine government violence ends all hopes of a peaceful resolution. So, it appears that Russian regular army is set to roll on eastern Ukraine.… Read more

WTI oil prices pared gains, despite more upset in Libya, which served to prop up Brent prices and renew the widening action of the Brent-WTI spread. Libya is like a flirt to the market, enticing the bears with the allure of restoring oil flow, only flit away as security conditions break down within hours or days of announced deals to whack up the oil revenue.… Read more

US crude oil inventories surged to a record, after weeks and weeks of rising storage levels, according the weekly EIA report. The Gulf Coast, in particular saw a rise in crude oil inventories and a surge in refinery activity of 400k bpd.… Read more

WTI oil prices fell, yesterday, as the realization of surging inventories weighs on the domestic US price marker. The API reported another large increase in overall crude oil inventories, but, unfortunately for US drivers, there was another large decline in gasoline inventories.… Read more

Oil prices remain well-supported by the geopolitical concerns surrounding the Ukraine situation. There appears to be some situational fatigue, as NBC News reported that Russians had crossed the Ukarine border and it caused barely a ripple. Still, Vice President Biden’s trip to the Ukraine, today, will keep the focus of the market on the trouble spot.… Read more

Oil prices are back on the rise this morning, despite weaker China GDP data, a resumption of some Libyan output, and a large reported increase of crude oil inventories by the API in last night’s report. Of course, we have been somewhat bearish, so we lead with the bearish elements that this market faces this morning.… Read more