June crude oil prices trended lower throughout yesterday’s NYMEX session, surrendering most of Tuesday’s gains. Initial weakness came as a consequence of a disappointing round of European and US economic readings that seemed to cast the recovery in very dubious terms.… Read more
Energy OverView May 2, 2012
June crude oil prices broke out to a new one month high yesterday and maintained strength through the session to close near the upper end of its trading range. US manufacturing data that came in above expectations looks to have been the catalyst that emboldened buyers, receiving spillover support from a declining dollar and rising equities.… Read more
Energy OverView May 1, 2012
The market shook off early weakness yesterday to finish with only a modest loss. A late move to 105.16 marked a new nine-day high. June crude oil prices were under Initial selling pressure measured the effect of economic data from Spain indicating that the country was in a recession, as well as a disappointing US economic statistics.… Read more
Energy OverView April 30, 2012
There are some definite bright spots for the US economy, but overall data remains spotty. The developing world is holding its own, but without the roaring advances of recent years. Europe is still on the precipice. Additionally, policymakers there have taken no substantive steps towards a lasting solution.… Read more
Energy OverView April 27, 2012
Some positive housing data added some economic optimism yesterday. But the advance in oil prices looks more and more tentative given the late selling yesterday. Follow on action through the Asian and early European sessions continues today off a downgrade of Spanish government debt.… Read more
Energy OverView April 26, 2012
Another day, another inconsequential NYMEX session where both ends of the day’s range were tested several times, but ultimately ended in positive territory. Early support came from weakness in the US dollar coincident to weaker then expected durable goods and reports that Iran might be considering halting their nuclear program in hopes of avoiding further sanctions.… Read more
Energy OverView April 25, 2012
Price action has held to a tight range through the Asian and early European sessions. The scale remains balanced between anxiety over demand growth against the possibility of supply disruption. As long as a the West and Iran appear to be attempting a diplomatic solution to the nuclear impasse, economic woes should dominate and keep prices confined to its current range
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Energy OverView April 23, 2012
More signs that China is slowing, rumblings from European electorates, and window-dressing from the IMF/World Bank proceedings, over the weekend, have cast a pall over global financial markets at the start of the week. Finally, the growth story is starting to register.… Read more
Energy OverView April 20. 2012
Europe, the US and China, versus a simmering geopolitical climate, this is the fulcrum on which the market balances. How well or poorly are the major oil-consuming economies doing? As long as talks with Iran are either occurring or going to occur takes some of the heat away from that condition, but it is still there.… Read more
Energy OverView April 19, 2012
Yesterday’s stockpile data showed stockpiles at the Cushing, Oklahoma NYMEX delivery point rose 592k bbls to 41.18 MM bbls, the highest level since May 2011.While higher than expectations, when viewed through the prism of the refined products decline, the report tips to the bullish side.… Read more