Category: Oil Markets

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

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

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

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

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

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

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

There was little chance that the EU was going to find a relatively painless way out of its conundrum when the crisis broke several years ago, and there is even less chance now. The dismal prospect for aggregate demand, particularly for oil are growing as remedies become fewer and less palatable.… Read more

The market has given back all of Tuesday’s gains and more. The uncertainty relative to European elections and US jobs data, later this morning, have swung the sentiment pendulum considerably towards skepticism about economic growth, and thus aggregate demand. Additional weakness came from OPEC officialdom, who indicated disappointment with the high pricing and were continuing…