Author: johnkilduff

Crude oil prices are mostly higher, and the good old fundamental of weather is the main supporting feature. Long time readers of the Energy OverView likely recall, with some fondness, the intense coverage of the natural gas-to-heating oil spread play that used to dominate the discourse at this time of year.… Read more

Oil prices are higher this morning, due to the monthly IEA report which raised its demand forecast for 2014. Global oil demand is now seen at 92.5 million bpd. The competing headline is the breathless citation by the IEA of the strong upward surge in US oil production.… Read more

Oil prices are back on the rise this morning, after a quiet, mostly unchanged trading day yesterday. The decline in US crude oil inventories to a 22-month low, reported this week by the EIA, has underpinned prices. The strength of the US economy, especially as it relates to employment gains and manufacturing activity is also supportive.… Read more

WTI oil prices caught a significant bid, yesterday, due to a surprising weekly inventory report, which showed a 7.7 million barrel decline in overall crude oil stockpiles. There was a significant rise in gasoline inventories, which bodes well for drivers hoping for lower pump prices.… Read more

The outright price action of WTI and Brent crude oil is being affected by the Brent-WTI spread, once again. For a second day, Brent is weaker relative to WTI, as the Iran nuclear deal weighs on international crude prices, due to the expected in Iranian exports.… Read more

WTI oil prices are reclaiming some of yesterday’s losses. There are reports that North Sea production has been affected, again, by an output decline, if not outright halt, in the Buzzard field, which is the largest contributor to the Forties blend.… Read more

Crude oil prices were little changed, yesterday, as the situation in Libya veered from bearish to bullish. Despite warnings from the Libyan military over unauthorized exports, the oil appears ready to flow. The polar vortex was also a factor, with several refiners reporting operational difficulties due to the cold, but with all the flight cancellations and cocooning that is occurring, transportation fuel demand is taking a hit.… Read more

After surging above $100 per barrel, WTI prices have fallen precipitously, below $94. The pullback has been mostly ascribed to the potential restart of some Libyan oil output, thanks to a shaky deal with some protesting oil installation occupiers. Last night, however, there was news that the Libyan Navy has fired on at least one tanker that tried to load oil at a seized port, promising an even stronger response going forward.… Read more

WTI crude oil prices climbed above $100 late last week, as geopolitical concerns and global production issues against the backdrop of strong domestic demand got the bull case reinvigorated. The weekly inventory report on Friday showed another high refinery rate, which is helping to drawdown on crude oil inventories.… Read more

Crude oil prices surged on Friday, as the year-end destocking and strong refining demand bubbled over. Louisiana Light Sweet crude prices lead the way higher, dragging up WTI. The various pipeline machinations have been a big part of the calculus, as their full effect will be felt over the next month or two.… Read more