It is the second-time around for the removal of the Syrian military strike premium from oil prices. The first spike above $112 was met by a call for congressional approval for action by President Obama, and, yesterday, it became clear that the Kerry-gaffe cum breakthrough has eliminated the possibility of a military strike in the near-term. Not that congressional approval was at all certain, it was not. Prices will have a difficult time maintain the 110 level for WTI without the full-on angst of Syria. Egypt has dropped out the news cycle, so a return to a focus there may help restore some of the premium.
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