Since the break to new lows on Wednesday, prices have lingered close to 85.00 but that mark is looking increasingly difficult to maintain. It certainly should. Both the US and Europe are flailing around in attempts to deal with respective fiscal calamities, without any indication of substantive resolution.… Read more
Energy OverView November 7, 2012
Recessionary fears loomed large for investors in all classes yesterday as they parsed election results that changed little, other than the bringing the US a day closer to having to deal with major fiscal policy issues. Inventory data, showing increases in crude and refined products last week after massive disruptions caused by Hurricane Sandy, added to bearish sentiment.… Read more
Energy OverView November 6, 2012
December NYMEX WTI held to a tight $1.00 range until the final half-hour of open outcry price action. Caution held volumes low as well, as participants attempted to parse, not only the US Presidential election, but also rising worries about Greece and the eurozone debt crisis that could hurt the global recovery.… Read more
Energy OverView November 2, 2012
After posting the week’s low on Monday of 84.66, December NYMEX WTI spent the week creeping higher. Today’s session started out in Asia under a pressure which continues into European trading as caution builds up ahead of US jobs data, later this morning.… Read more
Energy OverView November 1, 2012
The talk will all be about the effects of Sandy; and, to be honest, no one knows what that will be in that it is such an extraordinary event. That said, it should be assumed that the delayed stockpile numbers, later this morning, are probably mooted.… Read more
Energy OverView October 29, 2012
December NYMEX WTI prices continued under pressure as the week ended, but the strong retreat recorded last week failed to produce follow on selling past Wednesday’s low during the Thursday and Friday sessions. With East Coast refining operations threatened by the coming storm, prices for refined products soared and carried over to crude oil.… Read more
Energy OverView October 26, 2012
Price action for December NYMEX WTI, so far today, has continued the short-covering that was the dominant feature of yesterday’s session. Equities and the euro have both posted fresh lows for their move down today while crude has held 85.00. Helpful as well is the apparently growing sentiment that the Chinese economy may finally be starting to bottom out.… Read more
Energy October 25, 2012
The market has behaved just as it should given both technical and fundamental data, balanced against geopolitical issues. There is very little registered in macroeconomic reports that could be called encouraging for aggregate demand. Support barriers have been convincingly broken, as well.… Read more
Energy OverView October 24, 2012
Global investors cast a rather vociferous ballot yesterday expressed in yesterday’s retreat in most asset classes. The cadence of disappointing earnings continued with DuPont and 3M, and should be conclusive evidence of the futility of quantitative easing as a tool to spark aggregate demand.… Read more
Energy OverView October 23, 2012
December crude oil prices trended lower during the US trading session, falling to their lowest level since October 4th in the process. The opening portion of yesterday’s session displayed some strength off a weakness in the US dollar. But that quickly dissipated following an announcement from Caterpillar that seemed to reignite slowing economic growth concerns.… Read more