Continuation of the Facebook inanity yesterday obscured macroeconomic machinations for another day. Specifically, a meeting between IAEA representatives and Iran’s nuclear chiefs produced no significant breakthroughs prior to tomorrow’s meeting in Baghdad between Iran and a six-power coalition over the former’s suspected weapons development.… Read more
Energy OverView May 21,2012
The happy talk from Camp David over the weekend recalls another summit a few years ago when some of these very same faces pledged to act in “unison” in dealing with the economic crisis then and serves to emphasize policymakers’ powerlessness in dealing with the weighty issues before them.… Read more
Energy OverView May 18, 2012
Market participants had little reason for optimism yesterday when data on jobless benefits showed little improvement and the Philadelphia Fed reported factory activity in the Mid-Atlantic region contracted. But June WTI has moved back to unchanged levels after posting a new low for the three month sell off at 91.60 in the overnight Asian session.… Read more
Energy OverView May 17, 2012
As the market awaits the conclusion to Greece’s agony, about the only supportive possibility, right now, would be a break in talks with Iran over the nuclear issue. Initial commentary from preparatory meetings for the main event seem to make that a low probability.… Read more
Energy OverView May 16, 2012
By the close of electronic trading yesterday, prices pared another .98 cents from the NYMEX settlement. Some of that was retaken in the first hour of the Asian session last night, before another rout began, hardly looking back, until another 2.17 had been lost at the session’s low, so far, at 91.81.… Read more
Energy OverView May 15, 2012
June crude oil prices trended lower in Asia, but took an upward path as Europe lit up, posting the day’s high, so far, at 95.04. The star performer of the addled European Union, Germany, posted a rise in exports well ahead of market expectations.… Read more
Energy OverView May 14, 2012
Price action started out on a positive note on Friday, carrying as far as 97.20 before falling off to a 9613 settlement. The biggest surprise of all though is the post-settlement selling that carried past the day’s low, finally finishing at 95.… Read more
Energy OverView May 11, 2012
June crude oil was able to break its six-day losing streak with a settlement yesterday in positive territory. Still, price action was inconclusive with strong directional thrusts both higher and lower as weak trade data out of China, lack of negative news flow out of Europe and slightly better than expected US economic data was digested.… Read more
Energy OverView May 10, 2012
June crude futures posted the sixth straight lower close yesterday as EIA reported swelling stocks for a seventh straight week to the highest level since August 1990. Consideration of a fall in refined products inventories though helped prices recover somewhat, but not before posting a new low for the move at 95.17.… Read more
Energy OverView May 9, 2012
The oil complex is not alone in attempting to shrug off the sudden drop that hit most risk assets all this week after the European elections. However, the original downside mark from Sunday persists through today as the move’s low tide marker, so far.… Read more