Category: The Energy OverView

WTI prices continue to fluctuate with gusto, reacting to the ups and downs of the Iran nuclear talks, among other items. Negotiators in Switzerland have effectively stopped the clock, and they continue to negotiate, which is being taken as a good sign for now.… Read more

WTI oil prices have rebounded this morning, after testing $47 in overnight trading. The recent downward pressure has occurred as a result of enthusiasm and hope for a nuclear deal with Iran. The hopes appear increasingly dashed this morning. The French foreign minister has left the confab, saying he will return, “if, necessary.”… Read more

WTI oil prices are back under pressure this morning, as the hysterics over the Saudi bombing of Yemen ease. It is certainly a disturbing development, but two things are clear. Saudi oil production is far away from the frontline of this conflict.… Read more

WTI prices have made a new low for the overall sell-off that started late last year. It is really the same old story of robust output and supply and shaky demand. For some time, we had forecast that this would be the time period in which prices would bottom.… Read more

Brent crude oil prices took a big hit, yesterday, falling back below $60, on a rebound in Libyan output and hopeful analysis around the Iran nuclear talks. As we noted, yesterday, Iran foreign minister was on the wires touting a possible breakthrough, but Secretary of State Kerry walked those hopes back later in the day.… Read more

WTI oil prices start the new month back under $50, having traded down under $48 in overnight action. The themes have not changed, since we last published. Oversupply is the primary factor. Production surveys from both Bloomberg and Reuters showed gains in Saudi output last month, albeit slightly.… Read more

WTI oil prices have fallen below $50, again, this morning. The recent flurry of buying, on the back of the refinery strike and the fixation on the falling rig count, has met the hard reality of an unchanged landscape. The IEA reminded the market that there is still oversupply that is will likely find its way into storage in all-time record amounts, globally.… Read more

Oil prices continue their recovery, having found some footing above $50. The price slide was abruptly stopped by the refinery workers strike, which continues to spread. Shell is the lead negotiator and the company is driving a hard bargain. Since US refiners have been and continue to be strong, the union demands for a greater compensation has a ring to it.… Read more

WTI oil prices have posted a strong rebound off of the lows from last week, surging over 10%. WTI has retaken the $50 level, as short-covering produces a rush to buy back formerly profitable positions. If there was an upside for the market, it was the strike against nine US refineries by the United Steel Workers union.… Read more

WTI oil prices made another new low for the move, yesterday. Prices reacted negatively to the FOMC statement, which was fairly hawkish and caused the dollar to renew its rally, pushing down dollar denominated commodity prices. The hawkish statement also works against hopes for greater energy demand, if the Fed is seen in a tightening mode, while the rest of the world scrambles to attach the monetary jumper cables to their economies in Europe, Japan, and even China.… Read more