CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. Oil is in a wait-and-see pattern, as traders look ahead to next week's OPEC meeting. Traders expect it to stay around $75.» Read More
A very bearish DOE report and resurgent dollar couldn’t stop the February WTI contract from crossing its 2009 83.19 high print, writes Stephen Schork.
With the winter weather in the East expected to linger for the better part of this month, the market’s concern regarding heating oil is the industry’s ability to sate this demand. remains in question, writes Stephen Schork.
Energy prices were strong yesterday - and who knew so many people in the U.S. burn crude oil to heat their homes, writes Stephen Schork.
The NYMEX sold off hard in the wake of last week’s EIA report. Here at The Schork Report we switched our bias to bearish on the previous session, thus we are pleased. But as we analyze in today’s issue, we are not 100% sure this report is as bearish as Thursday’s price path seemed to indicate, writes Stephen Schork.
The surge in nonconventional (shale) production notwithstanding, industry efforts to rein in production – either by not completing drilled nonconventional wells or by scaling back vertical rigs – has shifted the supply curve to the left, writes Stephen Schork.
In addition to the seasonal uptick in gasoline demand (students returning home for the holidays and shoppers trudging off to the malls for last minute Xmas shopping), last weekend’s winter storms likely encouraged consumers to top off at the pump, writes Stephen Schork.
There is a 40% probability that temps in the largest residential natural gas market in the U.S., Chicago, will fall into the warmest tercilewrites Stephen Schork.
Natural gas prices began the week with a whimper instead of a bang, closing yesterday 1.8% lower at 5.625. That marks the third consecutive day the bulls have failed to break out higher, writes Stephen Schork.
There is one caveat for the bulls to consider, there is a material amount of spare capacity in the form of deferred production, writes Stephen Schork.
Crude oil supplies in the Midwest (PADD II) and the GoM continued moving in opposite directions, writes Stephen Schork.
Over the last four DOE reports we have seen a significant re-steepening of the NYMEX curve, writes Stephen Schork.
In 2006 we saw poor refinery performance as strong concurrent hurricane seasons delayed maintenance in the spring of 2005 and 2006. At the start of the year refinery throughput was 3% lower than the preceding year and traders feared a shortage in capacity which led to product prices decoupling from the complex and rising sharply, writes Stephen Schork.
Last week’s surge in heating demand is apparently comparable to the long-lasting devastation wrought by Hurricane’s Katrina and Rita … despite the fact that underground stores of gas are currently 586 Bcf (+18%) above the five-year average
This heating season is getting off to a crazy start. October was one of the coldest on record, only to be followed by an extremely warm November, writes Stephen Schork.
Energy prices were weak on Wednesday, the liquids sank on a bearishly construed inventory report, writes Stephen Schork.
As we noted last Thursday, we are growing uncomfortable with the precipitous drop in supplies in two key distillate market areas. For starters, the surplus of heating oil supplies (in the East – the largest residential oil furnace market in the U.S. – jumped by 631 bps to 45.1% or 13.4 MMbbls, writes Stephen Schork.
Energy prices were mixed on Monday - Natural gas futures in New York exploded thanks to a favorable (short-term) forecast from the weatherman, writes Stephen Schork.
At this moment in time, traders on the NYMEX are showing no concern for the industry’s ability to supply gas to the market this heating season, writes Stephen Schork.
Before the bulls pop the champagne corks they should consider what has transpired in the market since September, writes Stephen Schork.
). Imports are now on par to what we saw last April. In fact, outside of last spring, the only other time we have seen imports this low occurred back in the fourth quarter 1990 to first quarter 1991, i.e. in the buildup to oust Saddam from Kuwait, writes Stephen Schork.