Front-month (November) WTI futures have spent most of the overnight session below $100 per barrel. This is the first break of that level, since July. The November contract expires tomorrow, but the December contract has also broken below $100. The floodgates of selling may be on the process of opening. We have been awaiting a break lower for some time, but there has also been some production issue or regional flare-up of some kind that has emerged to prop up prices. Right now, all is quiet on the outage front: North Sea production is back on the rise, and the Libyan production is steady.
Energy Overview — TotalView™ of the Energy Markets