Energy OverView March 27, 2015

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. Second, Egyptian and US naval assets will see to it that navigation in and around the coast of Yemen into the Red Sea and up through to the Suez Canal will remain unaffected.