Author: johnkilduff

Oil prices are down this morning, after closing basically unchanged, yesterday. The large build in inventories reported by the EIA, in contrast to the previous night’s API report, stemmed support from rising RBOB prices. Gasoline inventories fell more than expected according to the report.… Read more

Oil prices are moving higher this morning, partly on a mixed bag of fundamental news. OPEC reported an increase in its oil production, and North Sea production continues to rise. Offsetting that bearish news, China’s implied energy demand rose 4.9% in February to the fourth highest on record.… Read more

WTI Crude oil prices posted solid gains, yesterday, benefiting from two factors. The primary source of the lift came from a decided move lower in the value of the dollar. The restraint showed by the ECB and the UK central bank caused the euro, in particular, to reverse its recent losses.… Read more

WTI Crude oil prices have retaken the $91 level, due to renewed strength for euro and pound sterling currencies. Both the UK and European central bankers did nothing, in terms of cutting interest rates or adding more easing measures. The rise in the dollar, of late, was built upon expectations of such a move, and dollar-based commodities fell, as a result.… Read more

Crude oil prices rallied back, yesterday, finally joining the party that is occurring on Broad Street for equities. They are lower, again, this morning, as a big increase in supplies was shown in the API report last night. Part of the rally was surely the menacing tone of Venezuela’s Vice President, who spoke mid-day yesterday.… Read more

Yesterday, natural gas prices posted an outside day with a higher close, which a key bullish signal. There is also a discernible rising wedge pattern, and the move above 3.55 represents a breakout above the recent extended range defined by 3.40 and 3.55.… Read more

The rise in the US dollar against the euro, pound, and yen is pressuring crude oil prices lower. The Dollar Index is above 82, furthering last week’s gains. Iran’s Ambassador to the U.N. was on CNN over the weekend, doling the typical double-speak of that country’s leaders.… Read more

was a quiet trade, yesterday, but more selling has emerged overnight on weaker-than-expected manufacturing PMI readings out China and the UK. China’s manufacturing is barely above contraction levels, and the UK has plunged solidly into contraction. These data have reverberated in the energy commodities, in particular.… Read more

Oil prices closed at their lowest level of the year, yesterday. Gasoline prices fell hard, finally reacting to news of the restart of Motiva’s gasoline unit in the Gulf. Early reports emerged over the weekend and were subsequently confirmed by Genscape’s infrared monitoring.… Read more

Oil prices fell, again, yesterday, as Italian political disarray and a plunging euro intruded on the attempt to build upon Friday’s rebound. As U.S. equity markets fell, late yesterday, so did energy prices. The capital flight to US Treasury securities and the dollar was on.… Read more