BREAKING - Iraq Escalates - Militants Seize Tikrit, Target Baiji Oil Refinery
Energy Market Updates
OPEC, Iraq, Inventories & Political Upsets Rattle Wall Street & Commodities
Sino-Russian Gas Deal, Ukrainian Post Election Violence, and Contracting US GDP Numbers - Oh My!
(image credit: Wikimedia Commons)
Libya, Labor Participation, & GDP Woes Keep NYMEX Positive Despite Projected Inventory Builds
Commodities, Stocks See-Saw on Sanctions, EIA, Unemployment, and Tech
Wednesday's EIA report showed that the API projected Crude drops come to fruition, falling 1.78 million barrels. As we all saw this pushed up Crude & ULSD prices on the day, with ULSD closing up .0398 to 2.9275, and Crude up to 100.81, once again hanging by the new (unfortunately) benchmark of $100 we've all been hoping to drop from for quite some time now.
Brent ticked upwards this week as well on EU discussion of stricter sanctions on Russia. Putin had announced earlier this week that Russian troops had withdrawn from the border, but no such withdrawal happened according to everyone else in the area, so more sanctions are back on the table it appears. Economic sanctions on the world's second largest energy exporter are, unsurprisingly, not great for downward price pressure.
WTI Drops Big (Again) on Expected Builds
Ukraine Tension, Inventory Projections & Chinese Economic Data
Surprise CRUDE Inventory Drops Catch Analysts Off Guard - but NYMEX Holds on to Week's Losses
Crude Continues Drop on Supply Estimates & Manufacturing Speculation
Crude - both Brent and WTI - continued to drop today on speculations of another inventory build on tommorows EIA report. According to a Bloomberg survey, tommorows report may show increases of 1.8mbl up to 2.5mbbl. The prior weeks report (the tenth increase in a row) indicated US Crude inventories climbed to 385 million barrels, the highest on hand since November, with PADD 3 numbers (Gulf Coast) hit over 200 million barrels, the highest since 1990.
Houston & Ukraine Concerns Drive Early Week's Market Swings