Energy Market Updates
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russia (4)
Double Black Friday - Commodities & Spending Both Dropped Off
A doubly "Black Friday" this year as OPECs decision resulted in a commodities free fall. The second part is that it was hoped that the relief consumers have been getting at the pump since the summer would have helped boost retail sales for the season. As the numbers are coming in though, it's not looking good.
Stocks Slide, Energy Rebounds, and MH17 Fallout Intensifies Standoffs
Continuing fallout over the downed Malaysian jetliner led to increased international tensions today (deja vu?). Russia called US accusations that it supplied the anti aircraft missles responsible "groundless". President Obama insisted that Russian involvement warranted further sanctions by Western nations. And thats what we saw happen this afternoon - Canada issued new sanctions targeting financial and energy related companies (much like the US sanctions from last week) and instituted travel bans on certain individuals.
Intl Issues Increase; Positive Domestic News Keeps Futures Stable
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 Putin had announced earlier this week that Russian troops had withdrawn from the border, but no such withdrawal happened according to everyone else in the area, so more sanctions are back on the table it appears.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