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WTI Tumbles On Biggest Crude Build In 19 Months
WTI Tumbles On Biggest Crude Build In 19 Months Modest overnight gains following API’s data have been erased as DOE reports a massive surprise (biggest since March 2017) crude build… “We’re right in the middle of refinery maintenance season and you’ll probably see a lot of demand coming offline,” says Michael Loewen, a commodities strategist at […]
WTI Tumbles To $62 Handle After IEA Predicts “Explosive” US Shale Production As Oil Prices Surge
WTI Tumbles To $62 Handle After IEA Predicts “Explosive” US Shale Production As Oil Prices Surge Update: The IEA report has impact prices – as would be expected – sending WTI back below the crucial support level of $63 once again… With WTI Futures net long positioning at extreme longs, one wonders if $63 can […]
Iranian Crisis Could Send Oil To $100
Iranian Crisis Could Send Oil To $100 Oil prices started the year on a high note as some geopolitical tension pushed aside bearish concerns. Both WTI and Brent opened above $60 per barrel for the first time in years. The protests in Iran were the main driver of the bullish sentiment in the oil market. […]
Expert Analysis: Oil Prices Have Risen Too Far Too Fast
Expert Analysis: Oil Prices Have Risen Too Far Too Fast Last Friday we argued that the rally in WTI and Brent looked overstretched from technical and positioning viewpoints. This week obviously didn’t serve our viewpoint as geopolitical tensions in Iraq alongside bullish long-term calls from Citi and the trading group community- particularly Trafigura- at APPEC […]
WTI Jumps After Harvey Prompts US Crude Production Collapse, Biggest Inventory Build In 6 Months
WTI Jumps After Harvey Prompts US Crude Production Collapse, Biggest Inventory Build In 6 Months Last night’s first glimpse of Harvey’s impact on energy confirmed a sizable crude build but only modest gasoline draw. WTI/RBOB prices slid into the DOE print and extended losses after a bigger than expected crude build (+4.58mm vs +4mm exp). […]
Gasoline Spikes To 7-Month Highs After Harvey; Heating Oil, Crude Jump
Gasoline Spikes To 7-Month Highs After Harvey; Heating Oil, Crude Jump The entire energy futures complex is notably higher at the open with RBOB Gasoline spiking over 4% to its highest since January amid the carnage of Hurricane Harvey. Bloomberg reports that as a result of Harvey, which was the strongest storm to hit the […]
Why The Shale Oil “Miracle” Is Becoming A “Debacle”
klublu/Shutterstock Why The Shale Oil “Miracle” Is Becoming A “Debacle” Dispelling the magical thinking behind the hype Energy is everything. This is an amazingly important concept. Yet it’s almost universally overlooked. Sometimes it’s hard to appreciate the magical role energy plays in our daily lives because most of what we experience is a derivative of […]
“There’s A Feeling Of Bits Of Ice Cracking All At Once” – This Is The ‘Big New Threat’ To Oil Prices
“There’s A Feeling Of Bits Of Ice Cracking All At Once” – This Is The ‘Big New Threat’ To Oil Prices One week ago, we reported that even as traders were focusing on the daily headline barrage out of OPEC members discussing whether or not they would cut production (they won’t) or merely freeze it (at fresh […]
Weekly Commentary: Draghi Ready to Fight
Weekly Commentary: Draghi Ready to Fight A few Friday Bloomberg headlines: “Asian Stocks Jump by Most in Four Months on Stimulus Speculation;” “Japanese Stocks Surge by Most in Four Months as Bears Retreat;” “Hong Kong Dollar Jumps Most in 12 Years as Global Stocks Rally.” It was quite a week. Back in early December I […]
Oil Plunges To $28 Cycle Lows As Iran Supply Looms, Stocks Slide
Oil Plunges To $28 Cycle Lows As Iran Supply Looms, Stocks Slide February WTI Crude futures have plunged to new cycle lows at $28.60 (down 2.7%) as Iran supply looms over an already over-glutted global crude market. Brent is down even more (-3.7%). Dow futures are down 60 points at the open. *WTI OIL FALLS AS MUCH AS […]
(Re-)Covering Oil and War
(Re-)Covering Oil and War The first thing that popped into our minds on Tuesday when WTI oil briefly broached $30 for its first $20 handle in many years, was that this should be triggering a Gawdawful amount of bets, $30 being such an obvious number. Which in turn would of necessity lead to a -brief- […]
WTI Extends Crash To 10% After API Inventories Surge Most In 5 Months
WTI Extends Crash To 10% After API Inventories Surge Most In 5 Months After the worst day since last November’s OPEC meeting, WTI crude is falling further tonight as API reported a huge 7.6 million barrel inventory build. This is the biggest build (compared to DOE data) since early April! WTI Crude is now down 9.85% on the […]
Why the $20 Oil Predictions are Wrong
Why the $20 Oil Predictions are Wrong Deja Vu As the price of West Texas Intermediate (WTI) retests the $40 per barrel (bbl) mark, some pundits are again calling for WTI to fall to $15 or $20/bbl. The same thing happened earlier in the year when crude prices tested $40. Lots of people predicted $20, […]
Market Meltdown Means More Pain for Oil Producers
Market Meltdown Means More Pain for Oil Producers Supply-side downward price pressure has been the story of global energy prices over the past year: newfound supply from the Shale Revolution, OPEC’s gambit of market-share grabbing inundation, and new supply coming online from Iraq and soon Iran. The result was a plunge in oil prices from […]
Why the Bear of 2015 Is Different from the Bear of 2008
Why the Bear of 2015 Is Different from the Bear of 2008 Are there any conditions now that are actually better than those of 2008? It’s tempting to see similarities in last week’s global stock market mini-crash and the monumental meltdown that almost took down the Global Financial System in 2008-2009. The dizzying drop invites comparison […]
