Energy Overview — TotalView™ of the Energy Markets
Crude oil prices briefly moved above 88.00 in the final moments of yesterday’s NYMEX sessions, as latecomers to last week’s party, threw in the towel. Still a net decline in overall Sept./Oct open interest shows that new longs are not entering, a reflection, not only of growing margin calls in other markets but also pointing to questionable demand, going forward…
Equity markets rebounded, yesterday, and down net-net about 3% for the week. For once, the protests of CEO whose company was under siege and stock price hammered was telling the truth. Societe Generale is alright, the source of the distress, London’s Daily Mail, issued a rare apology…
The U.S. equity markets took another hard fall, yesterday; the latest anxiety induced by concerns over the capital adequacy of the major French banks. France’s Societe Generale was rumored to be insolvent, which, in a circa 2008 Bear Stearns-like moment, was roundly denied by its Chairman…
It’s all about Egypt this morning. However crude oil prices have surrendered some gains since opening in the Far East last night. March crude oil had posted a 9087 high early in the session has pulled back to just under 90.00 as of this writing.… Read more
The march lower continued yesterday, opening up some new territory below the trend channel in a poorly attended, weather-shortened, session. Good neighbor OPEC again blames “disconnected” prices and not a shortage of crude for current levels. In a sign that the group was disinclined to ramp up production, the OPEC Secretary-General said that he was “100 percent certain” there was no shortage of oil in the market.… Read more
After posting it’s highest settlement since October 3, crude futures are lower this morning. The weekly jobless claims took some of the strength out of the markets, as the employment picture remains weak despite occasional sign of renewal. Oil has started to flow through the Alaska oil pipeline at two-thirds its customary rate…