Chinese Currency Devaluation Slams Stocks, Boosts Commodities
Energy Market Updates
Oil Bounces Back Today, But Talking Heads Say "Not for Long"
Friday saw oil futures tumble again to multi-month lows, with Brent settling at 48.61, and WTI at 43.87 for September. (ULSD closed out at 1.5436, and RBOB at 1.6230 ) on general concerns about the oil glut and dissapointing economic data from China.
Oil Slides on Economic Data, Dragging Stocks Along for the Ride
This morning Brent Crude dropped under $50 for the first time in 6 months, and WTI fell below $45/bbl to within $2 of a 6 year low. Shortly after noon, the NYMEX showed ULSD down .0452 cents, and gas down almost 9 (-.0882).
Greece Nears Default, Sends Global Stocks & Commodity Prices Reeling
Stock Markets across the Globe dropped sharply on worries over Greece's potential (and frankly, very likely) default. Greece owes the IMF a 1.8 billion dollar payment tommorow, but their Prime Minister has pushed voting on whether to accept referendums to July 5th, making it pretty clear Greece is unwilling and unable to make their required payments.
NYMEX reacts to Projected Crude Draws
Oil was rising this morning ahead of the EIA inventory report's release. Analysts are expecting to see draws in both Crude and Gasoline. Crude is projected to drop between 1.7 and 1.8mmb. Supplies are still at historically high levels, but the drawbacks are a bearish signal for the market. Just prior to the reports release (10:30am) ULSD and RBOB have both jumped up over 5 cents (.0554 and .0526, respectively.)
EIA Projections for 2015 & 2016 Released Today
The EIA released its Short Term Energy Outlook today with its projections for both Crude prices and US Crude Oil production through 2016. It also projects where we will be on retail gasoline, natural gas storage, and electricity for 2015 & 2016.
NYMEX See-Saws on Inventories and Profit Taking
NYMEX, WTI Jump on Shale Slow Down & Inventory Concerns
The NYMEX shot up again today, after trending slightly downward the past several sessions. Last week saw Brent over $65/bbl and today WTI settled out +1.50 to 60.75, over the $60/bbl benchmark we've all been watching for.
NYMEX Spikes on Escalation in Yemen
RBOB Heats Up on EIA Inventory Shortfall
Today's EIA Inventory report for the week ending April 17th showed a build of 5.5mmb on Crude, but a drop of 2.1mmb on gasoline. Interestingly, even though analysts had projected a mere 2.6mmb build in Crude while the actuals were more than double that, Crude ticked upwards along side RBOB and ULSD initially before settling back down.