Energy Overview — TotalView™ of the Energy Markets
Reportage this morning is breathlessly recording the effect of yesterday’s economic data on oil prices. In fact, the pace of buying was probably more influenced by loading delays for North Sea oil cargoes. While the timing was roughly coincident, it is hard to accept the idea that The Institute for Supply Management’s index of US factory activity rising marginally to 53.4
Kilduff: Those Rumors Behind the Rally in Oil
Published: Friday, 23 Mar 2012 | 12:59 PM ET
Want to move the oil market these days? Fire off a headline about Iran, and, with the help of instant messaging, tweeting, blogging, and some old fashioning phone calling, you get a significant rally.… Read more
The current low mark after the recent high was posted last week at 102.13. That is where is should be headed. A deeper fall towards that mark should be seen initially this week. Interim support may give the bears some pause at 101.21 and bring rebound.… Read more
ALERT: SPR, IRAN, SPAIN – WHICH PULL WILL GET PUSHED?
| Contract | Month | Last | Change | BIAS | Comment |
| Crude Oil | May | 103.20 | .42 | Lower | Possible SPRrelease breaks key support. |
| Natural Gas | May | 2.153 | -.020 | Lower | New lows open path to sub-$2.00. |
| S&P 500 | June | 1404.75 | 6.25 | Neutral | Resisitnace making 1400 difficult to hold. |
Participants have adjusted radar on fundamentals as a relative quiescence damps sentiment on Iran. As the bullish geopolitical sentiment moves to the background the market has moved its focus back toward fundamentals which do not feature any bullish price drivers at this point in time.… Read more
Another low-volume, narrow-range trading session passed yesterday, with little change in open interest. What this shows is that opposing directional advocates are not willing to strike into new territory with new positions. Recent surprising news flashes though show how little resolve both sides possess.… Read more
Zeus hurled a thunderbolt from Mt. Olympus yesterday, and the markets responded accordingly. Federal Reserve Chairman Bernanke’s announced that the U.S. economy needs to grow more quickly to bring the unemployment rate down further, reinforcing expectations that interest rates would remain exceptionally low.… Read more
Price action on Friday was the consequence of a news item that crossed wire that sanctions had already reduced Iranian exports by 300k/bpd. Prices had been under pressure just previous to the news reacted to a commerce Department report that new home sales fell 1.6% in February, the slowest pace since October and calling into question the strength of the struggling recovery in the US,
Here is an interesting factoid from yesterday’s data. As China’s economy grew over the last several years the PMI Index has been making lower highs and lower lows indicative of a down trend and suggesting it could go even lower; a bearish signal for oil demand growth.… Read more
WTI is starting to show some weariness after staying above $100.00 now for over a month. While this may or may nor be a consequence of the diminution of the Iran issue’s immediacy what is painfully evident is the slowing Chinese economy.… Read more