Energy OverView August 22, 2012

Crude oil keeps posting fresh highs for the move off the June lows. Last night’s API report, showing a significant draw down of stockpiles should have caused the rally to extend, but prices could only manage to move slightly above 97.00 all night. Participants are obviously waiting for confirmation from EIA, later this morning. Yesterday’s weaker dollar and rising crude oil prices were clearly an expression of optimism by investors that the ECB