CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. Oil was up big on the day as traders buzzed about OPEC comments. Nat gas was hit again as temperatures warmed up. And gold had a slight rebound on the day.» Read More
According to the latest monthly update from the DOE, the build in commercial crude oil stocks in the U.S. was much stronger than we expected. The numbers for June show inventories of crude oil at the highest level in over a generation.
Natural gas production in the Lower 48 U.S. declined for the first time this year in June. According to the EIA’s 914-Survey month-on-month output fell by 1.2% or 0.81 Bcf/day.
For the week ended April 16th, i.e., the week prior to Deepwater Horizon, the Baker Hughes offshore rig count stood at a 61-week high, 56. The bulk of these rigs, 47, were located off the coast of Louisiana. However, with the U.S.’ boot firmly planted on the neck of the industry, the rig count has since fallen off of the proverbial cliff.
Over the past week the domestic markets have taken a beating over troubling macro-economic data. ... Luckily for traders, and for the American economy, good news and better fortunes can be found if we are willing to look a little further East.
In the last several days there was a lot of chatter in the markets that natural gas had established a “Doji” shape and was due for a rebound. For those unfamiliar with the term, the Doji is one of many patterns used in Japanese candlestick analysis...
Weekly unemployment insurance claims are trending higher, consumer confidence is trending lower and the expiration of the home buyer tax credit: all factors in crude oil's direction...
The current trend is most definitely not the bull’s friend; as such, they are scrambling.
Headlines out of Iran are as bullish as ever. A country that sits atop 1 in 10 barrels of the world’s proven oil reserves has reportedly started its first nuclear reactor… for peaceful purposes of course (wink, wink, nudge, nudge). So what's with the bears?
To borrow a quote from The Producers' Max Bialystock… who do natural gas bulls have to !@#$% to get a break? After all, they had everything going for them yesterday.
We will have to wait until the end of this month for the latest monthly update from the DOE, but suffice it to say, the preliminary (weekly) numbers show inventories of crude oil and petroleum products at the highest levels in over a generation.
Analysts at The Schork Report can easily reconcile why next winter is trading below next summer… but why is October losing ground to November?
Yesterday (Monday), spot gas for September delivery faded the 100-day moving average, 4.389, for a fifth consecutive session. ...Furthermore, the close was the lowest for spot molecules since the week before the US Memorial Day holiday, late May.
Oil bulls must now put up an inspired defense in the mid $70s for Nymex crude oil (WTI) after their latest foray above $80 ended so miserably.
We expect that the moribund employment picture will weigh upon the energies as we move into the fall. Here's an example...
We think it is reasonable to assume that this will wind up being one of the hottest summers on record. And, by “record” we mean one of the hottest of the last 100 years or so in which man has kept (somewhat) reliable records. As far as temperatures go in the first 4,499,999,900 years of the Earth’s estimated existence, it’s anyone’s guess…
Over the last twelve months ended May 2010 (the latest date for which monthly data is available) the DoE reports that total commercial crude oil stocks have dropped by 1.13 MMbbls. That is 40% below what we would have expected based on a seasonally adjusted time series. This is likely the residue of poor demand fundamentals which has resulted in a persistent contango along the Nymex crude oil curve.
We are skeptical this economy (and by “economy” we mean what is near-and-dear to us all, jobs and home values… and most definitely not the stock market) is capable of sustaining oil prices at these levels.
Over the last two months The Conference Board’s sentiment index of American consumer confidence has fallen from a two-year high of 62.7 to a five-month low of 50.4.
“Surprise rise in jobless claims casts pall on the economy”… so read the headline on Reuters. The headline on Bloomberg noted the “unexpected” rise in jobless claims, to a three-month high, no less. Why are headline writers so apparently shocked by this event?
Yesterday (Wednesday), the state Senate in New York threw up a roadblock to the state’s plan to tap into its slice of the Marcellus Shale natural gas pie. The Senate approved a mandate for a moratorium (there’s that word again) on new drilling permits through May 15, 2011, to allow the state to study the effect of hydro-fracking on the water supply.