Energy Overview — TotalView™ of the Energy Markets
Weekly inventory report shows builds across-the-board, pushing overall petroleum inventories in the U.S. to a new record high. Imports of crude oil rebounded strongly from last week.
Iran accepts deal on to freezing production, but it is unclear that they themselves will freeze output levels, saying that such a proposition is “illogical.”
WTI oil prices continue to rally on hopes for a “freeze deal” on production between all of OPEC and Russia.
China gets back to work from Lunar New Year celebrations and saves the day for global markets by allowing the yuan to rise versus the U.S. dollar.
WTI crude oil prices hit new multi-year low and reverse hard on statement from OPEC member of output production cut plan with Russia.
Market volatility continues, as yen strengthens in defiance of Bank of Japan negative interest rate plan.
Oil prices rally on renewed hopes for a production deal among Russia and OPEC members.
Global markets remain volatile ahead of Janet Yellen’s key testimony tomorrow.
Oil prices are significantly lower this morning, with WTI back under $30. The concerns over China remain elevated, and word of another fall in their foreign reserves over the weekend did not help.
WTI oil prices have steadied, shrugging off an incredibly bearish data set of outsized supplies of petroleum in US storage. It has been reported that a large $600 million oil bear fund was suddenly liquidated, which likely aided the snap back