Author: johnkilduff

WTI oil prices have climbed above $109 per barrel, in early trading, supported the real oil output outages that we have chronicled all week and the imagined fears over the fallout from a possible military strike on Syria. We use the word “possible” because the support for a strike on Syria by the House of Representatives is barely there.… Read more

Oil prices continue to churn in the face of the declining global output and the possibility of a military strike on Syria. Interestingly, while good news, in the form of terrific auto sales, was good news for the equity markets, it was not good news for the oil and gold, as the prospects for Fed tapering increased.… Read more

The essential item of the day is that Libyan oil output continues to plummet, and is now below 250k bpd with exports around 80k bpd, according to Reuters. The tally of outages from oil producing countries, due to sanctions, theft, and civil strife, is over 3.0 million bpd.… Read more

The rally in natural gas prices, which posted a 3.9% gain for the month of August, took a breather of Friday, but prices are rising, again, this morning. Prices continue to rise on some of the late-season warmth that is being experienced and despite rising domestic output.… Read more

The glide path to an attack on Syria has hit a snag. Questions have arisen as to whether Assad directly ordered the chemical weapons attack that killed upwards of one thousand people. The UK parliament appears to be withholding support for Prime Minister Cameron plan to support the US in a military strike, and Speaker Boehner, along with some Democrat members of congress, are also asking for clarification, while demanding that President Obama seek their approval.… Read more

Well, we have a bit of a conundrum on our hands. Oil prices spiked above $112 per barrel, briefly, last night, thanks mostly to technical pressures the forced buying above the $109 level. We have been advertising an upside target of $112-$115.… Read more

Oil prices are spiking higher this morning, on the realization that, yet, another episode of US military action in the Middle East is nearing. Secretary of State made it clear that retaliation for the use of chemical weapons by the Syrian government is almost certain and necessary.… Read more

WTI oil prices surged above 107, in overnight trading, appearing to react, albeit briefly, to the war drums beating over the weekend about the chemical weapons attack in Syria (no equivocating in this space). There is a gathering mandate for the US to launch a military strike of some kind outside the construct of the UN.… Read more

Oil prices are mixed, once again, this morning. The Brent-WTI spread has been the featured trade over the past several sessions, as market participants have favored one over the other each day. Today, Brent is being favored. According to the API, US oil and refined product demand rose in July to the highest level for the month in 3 years.… Read more

Oil prices fell, yesterday, despite an increase in Middle East tensions. Reports out of Syria seemed to show a chemical weapons attack that killed hundreds of people, indiscriminately. Of course, the nature of the battle leaves it unclear as to who is responsible and the true nature of the attack.… Read more