Energy Overview — TotalView™ of the Energy Markets
Oil prices continue to rebound off of last month’s low, on the back of all the chatter from Russia and OPEC members about addressing the global over supply situation.
Oil prices ignore massive 10 millionbarrel inventory build as market focuses on strong gasoline demand. Natural gas prices hit 20-year low on massive oversupply and mild weather outlook. More losses expected today on back of storage report.
WTI oil prices fail to hold the $35 per barrel price level. The latest set back was the report last night by the API which showed a massive crude oil inventory build of over 9 million barrels.
China stuns the markets by cutting its bank reserve rate requirement, which is expected stoke even more lending after January’s record borrowings.
Oil prices are set to close the month on strong note, as the market continues to reward the alleged “freeze deal” among OPEC and Russia.
Weekly inventory report shows further decline in crude oil processing and strong gasoline demand, which combine to cause a snap back rally, despite OPEC disarray over “freeze” deal.
Saudi Arabia’s oil minister dismisses chance of an oil output cut, saying the kingdom does not trust others within OPEC to live up to a commitment to cut. Oil prices crater, as a result.
Oil market looks ahead to key speeches by OPEC president and Saudi Arabia’s Ali Al Naimi in Houston. Get set for more volatility.