John Kilduff is the founding partner of Again Capital. Prior to starting his company, he was vice president and co-head of MF Global and senior VP of Energy Risk Management Group at Fimat USA, where he was responsible for providing corporate energy risk management services. He also has held senior positions at ABN AMRO, Metallgesellschaft Corp. and Lehman Brothers.
Kilduff appeared before the United States Senate Committee on Energy and Natural Resources to give an assessment of the energy markets.
He has a Bachelor of Science degree from Saint Bonaventure University and a Juris Doctor from Fordham University School of Law. He has a bar membership in New York and has professional registrations in commodities and securities.
Follow John Kilduff on Twitter @KilduffReport.
In order to discount the supply fundamental, the futures market needs positive or even hopeful economic data from the U.S., Europe, and China.
Crude oil prices re-took the $70 per barrel level, yesterday, and they are poised to climb further. In fact, prices are likely to hit the $100 mark before year-end. Economic and geopolitical factors are at work, once again, to produce a return to triple-digit oil.
There is a compelling fundamental case to be made. There has been a serious regime of supply constraint undertaken. Saudi Arabia has led OPEC in curtailing output. The Kingdom has been actually under producing their quota for several months.
Crude oil prices finished the week just below the psychologically damaging level of $60 per barrel. As prices marched higher all week, howls went up from fundamental traders and commercial interests decrying the disconnect between abundant supply levels, the poor demand outlook, and high prices.
The selling pressure across markets overnight is a tide that is sinking all boats, including oil and all commodities for that matter. If it can be sold, it is being sold, right now. In terms of oil, specifically, support levels that traders have looked to determine prices bottoms have been taken out in succession, over the past several months.