Iran Seizes Tankers in Strait of Hormuz
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EIA Data, Refinery Closures & International Tensions Spike NYMEX
The NYMEX is up big this afternoon in the wake of surprise draws in inventories, ongoing international issues, and the potential closure of the largest gasoline refinery on the East Coast.
Refinery Explosion & Iran/US Escalations Push Prices Up
Gasoline spiked this morning, after a refinery explosion shook Southern Philadelphia. At around 4am, a butane vat exploded at the East Coast's largest refinery, causing large fires and prompting an shelter in place order for the surrounding areas. There are no injuries reported, and CNBC is reporting the flames were relatively controlled with the SIP order lifted around 7am. You can follow this story here: Massive explosion at biggest gas refinery in East Coast
Surprise Move by Iran on OPEC Deal Rallies CRUDE
In a suprise move today, the oil minister of Iran stated that Iran would support the effort by OPEC and non-OPEC countries to stabilize the oil market and oil prices. The now-confirmed rumor that the Saudis and Russians were amenable to agreeing on a production ceiling has been circulating for a while, and served to briefly prop prices Tuesday - but the lack of a solid agreement, and the assumption that Iran would not cooperate had backed prices off their intraday highs.
Crude Hits New Lows After Hopeful Bounce Overnight
Overnight and early trading on Crude was up - bolstered by the performance of the Chinese Markets (they went up instead of crashing hard enough to trigger the circuit breaker this time). US Stocks, bonds and equities all climbed along, and it looked like today was poised for a rally, or at least the proverbial "dead cat bounce"
Stocks & Oil Markets Take a Wild Ride Into 2016
The last day of trading in 2014 saw Crude close out at $53.27/bbl, which was down 45% from the prior year. 2015 continued the trend with WTI dropping another 30% over the year - with December 31, 2015 settling out at $37.04.
Crude Rallies Again on Escalation in Syria & Uncertainty in Iran
Crude came back in a big way in trading today – with intraday highs briefly breaking $50 before settling out at $49.43/bbl. (Fun fact – we haven’t seen WTI break $50 since July)
Inventories & Iran Continue to Pummel Crude Prices
Oil prices are continuing their tumble - and it doesn't look likely they'll rebound in any significant way any time soon.
Job Reports, Inventories & International Issues Keep Volatility Going
Distillate Inventories Carry Futures Higher
Last night API's set the early tone for todays rice action as preliminary numbers showed large draws in distillates. Those numbers were confirmed this morning with the EIA releasing a staggering 4.8mbl draw in distillates vs expectations of a mere 700k. Gasoline was down slightly at 345k and Crude showed a slight build at 375k bls. On the surface it appears distillate demand is on the rise, not only in the US, but also from an export position. Soon after the data released, pits jumped almost .04, and stayed in that range for most of the afternoon. Supporting the bullish price action was FED meeting minutes which appear to confirm last weeks chatter that we will start to see some significant unwinding of the Bond buying program in the months to come, as well as a positive retail report for October. The hope is that a positive October doesn't turn into a lackluster November and December which is often the case in the retail world. News hit mid afternoon of US-Iranian talks ended almost as quickly as it started, one report said the talks lasted less than 10 minutes with few words spoken. Even with the draw in distillates, the market appears to be well supplied as Crude actual lost .01 to close out at $93.33, RBOB added .0235 to $2.6630 and HO led the gainers settling up .0487 to $2.9545. Again, well within its comfort zone.