CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets and looks ahead to next week. Oil and nat gas were up slightly today, Gold hit a six-month high, but dropped after word came out Russia would not intervene in Ukraine.» Read More
Crude oil, relative to ample seasonal supplies of gasoline is still sky high. Therefore, the industry will still take measures (limit imports, reduce throughput… etc) to lower supplies, writes Stephen Schork.
Energy prices were weak on Monday, as the bottom fell out from underneath the entire complex. As such, the bulls, for the first time in months, now have to play defense. Failure in the oil markets to hold support here clears a path towards the $60 critical point of reference; while in natural gas a $2-handle is actually in the realm of possibilities, writes Stephen Schork.
Traders are so desperate that they are now buying, not on fundamentals, but rather on fear of missing out before this market heads back into the toilet, writes Stephen Schork.
Improvement in the "second derivative" is no longer acceptable. We will soon have to have outright good news, in my opinion, to move the markets.
What’s today’s story? Uh… less bad is good. They obviously do not make bullish stories like they used to. But, then again, crude oil wasn’t an inflation hedge in 1990, writes Stephen Schork.
The market is still discounting spot barrels. That means the market is still discounting nearby demand prospects, which means there is no real excuse for yesterday’s end-of-quarter spike other than the notion that the… end-of-the-quarter …was the reason for the spike, writes Stephen Schork.
We will still have to hold a bullish bias in our mid-term (weekly) bias based on the technicals, but given the recent bullish news/middling action we have seen, our intermediate bearish bias is gaining legs, writes Stephen Schork.
Underground caverns, mines and aquifers are brimming, writes Stephen Schork.
We remain cautiously optimistic this market has (finally) entered a topping phase… volatility and the direction in the U.S. dollar notwithstanding, writes Stephen Schork.
As such, the dollar tanked (sell the rumor, buy the…?) yesterday and crude oil moved accordingly. Thus, as far as today goes, traders will looking to the Fed, rather than the DOE to ascertain crude oil’s path. How pathetic is that?, writes Stephen Schork.
Telltales appear that a correction in crude oil is imminent. Over the last week we have received a number a queries regarding the impact of the ongoing civil unrest in Iran to crude oil prices. Our response has been… it has yet to matter. Spot August WTI is off 8% from recent highs, despite the headlines from Iran. Is this a case of good news/bad action? It certainly smells that way, writes Stephen Schork.
While crude oil has rallied, natural gas has stumbled. Therefore, the models suggested a reasonable probability existed that natural gas would either “catch up” to crude oil or that crude oil would regress to natural gas, writes Stephen Schork.
There is now more gas in the ground than at the start of last winter’s heating season,writes Stephen Schork.
Even if the recession has ended or is about to end, that does not mean demand is about to resume. It just means demand has stopped falling, writes Stephen Schork.
We do concede the headlines have improved. But let’s keep it real, they have gone from fatal to disastrous, writes Stephen Schork.
A strike by metro drivers wrought havoc on the streets of London, with thousands of commuters seeking alternative ways to get to work and overground traffic sometimes grinding to a halt.
My trip to Russia was incredibly exciting. Moscow and St Petersburg are beautiful cities. One of the best things about St Petersburg are the white nights. It is broad daylight for 20 out of 24 hours.
Speculation is what makes this market go around. Reduce the role of the speculator and you reduce price transparency and liquidity, i.e. you reduce the mechanism to transfer risk. Without that mechanism, future investment in up/downstream infrastructure, which is already a dicey proposition, becomes nearly impossible, writes Stephen Schork.
The stock market's rally could face a critical test in the coming week as the "recovery trade" plays out across financial markets.
Energy prices were strong on Thursday ... as the entire complex recovered from Wednesday’s correction. NO! That was the answer to yesterday’s question, “… the bears have the bulls on the ropes … can they now close the deal?” No, no they cannot.