Author: johnkilduff

Initial price action yesterday maintained reactive gains from the previous session consequent to Israel’s martial action towards Hamas. A disheartening rise in initial unemployment claims and a poor Philly Fed report, at first, passed without much notice in the oil pits.… Read more

Nothing like a few headlines to shake things up. Those came yesterday after news that Israel had initiated an air strike on Gaza, which took out Hamas’ military commander. But with neither entity controlling oil production of any consequence, the rally only extended to the upper end of consolidation experienced over the last two weeks.… Read more

The focus scale has weighted towards the gloomy global economic landscape. But a deteriorating geopolitical situation is keeping a floor under prices. Coming against the backdrop, last week, of OPEC’s downward revision of demand, IEA’s Q4 cut in its demand outlook, further darkened the view.… Read more

December expiration on Friday, will shift the focus to the January contract today. Considerations at the front of the market display few positives. The only thing keeping the decline in check, are geopolitical concerns in and around the oil producing regions.… Read more

Since the break to new lows on Wednesday, prices have lingered close to 85.00 but that mark is looking increasingly difficult to maintain. It certainly should. Both the US and Europe are flailing around in attempts to deal with respective fiscal calamities, without any indication of substantive resolution.… Read more

Recessionary fears loomed large for investors in all classes yesterday as they parsed election results that changed little, other than the bringing the US a day closer to having to deal with major fiscal policy issues. Inventory data, showing increases in crude and refined products last week after massive disruptions caused by Hurricane Sandy, added to bearish sentiment.… Read more

December NYMEX WTI held to a tight $1.00 range until the final half-hour of open outcry price action. Caution held volumes low as well, as participants attempted to parse, not only the US Presidential election, but also rising worries about Greece and the eurozone debt crisis that could hurt the global recovery.… Read more

After posting the week’s low on Monday of 84.66, December NYMEX WTI spent the week creeping higher. Today’s session started out in Asia under a pressure which continues into European trading as caution builds up ahead of US jobs data, later this morning.… Read more