Energy Overview — TotalView™ of the Energy Markets
Petroleum Market
Even though EIA reported that crude oil stocks took the biggest weekly fall of 2011, taking inventories to their lowest level since February, market participants shifted focus to rising product stocks. The unexpected rise in gasoline…
Crude oil recovered from losses made in the Asian session, helped by gains in European stocks. Still, short term gains must be viewed skeptically given that underlying economic fundamentals continue to deteriorate. The ECB said that it will lend $575M…
At the outset of trading yesterday, it looked like the end of the world was at hand. But with the opening of the New york session, trading was marked by an upswing that lasted through the day. It boils down to a dollar play.… Read more
Unfortunately, President Obama’s address to a joint session of Congress last night did not live up to the anticipation and market participants are registering their disappointment by pushing prices lower.
Crude oil keeps inching higher. Finishing near the day’s high shows some conviction, as well. We find it hard to contemplate how a market with such negative fundamentals can find such strength. Supply is not disrupted or even threatened.
Oil has been supported in the European session, posting a high of 87.42 before retreating. October futures slumped to as low as 83.2 yesterday but then staged a rebound and ended the day at 86.02. Sentiment has improved somewhat on rumors that the Chinese government…
With the US on holiday Monday, the market focus was on Europe where renewed concerns over sovereign crisis in the periphery added to the damped sentiment stemming from the dismal American jobs report on Friday.
The market rejected key resistance in the 4.14 area and quickly ducked under 4.00 again, strongly hinting at its inherent weakness. But the break of 4.048 minor resistance on the way up indicates that a short term bottom may have formed at 3.78.… Read more
Crude oil prices continue to falter just above the 50% retracement of the late July-early August sell off so we will hold with our contention that this is a rejection of the counter trend rally. Why not?
Prices spent the Asian session little changed, but the European session began a rout that may produce the sharpest monthly drop since May on signs the global recovery is faltering, even as prices head for a weekly gain Recent data from global economies is showing that the sluggish growth pace more likely will continue and the political response remains muted and inconclusive…