Energy OverView February 21, 2014

The price action in the oil market has quieted. Yesterday saw little change, and overnight prices are little changed, as well. The market is being pulled higher by the continued strong outlook for heating fuel demand, and pushed lower by the increasing level of refinery maintenance in the US, which will continue to impact domestic demand, allowing for overall inventories to rise. The inventories in Cushing, OK will continue to fall, as the effect of the Keystone pipeline is felt. The drain is continuing to cause a narrowing of the Brent-WTI,