Stephen Schork is the Founder and Editor of The Schork Report, a daily subscription newsletter providing comprehensive technical and fundamental daily views of the energy cash and financial markets. Published since April 2005, The Schork Report is geared towards professionals in the global energy arena looking to improve economic performance while managing risk. Further information is available at www.EnergyMarketIntelligence.com.
Schork was a floor trader (Local) in the New York Mercantile Exchange’s energy complex and has more than 18 years experience in physical commodity and derivatives trading, risk systems modeling and structured commodity finance.
A recognized expert in the energy sector, Schork is a regular guest on CNBC and Bloomberg Television. He is also frequently quoted in The Wall Street Journal, Business Week, Reuters, the Associated Press, Platts, The Street.com and CNNMoney.com.
A recent article in The New York Times regarding growth prospects for North American shale gas was the talk of the town yesterday. The article in question, called into question, the prospects of shale gas development.
Gasoline supplies in the U.S. ticked down last week. According to yesterday's weekly update from the DOE, total supplies of gasoline fell by 0.46 MMbbls or -0.2%. Current supplies of 214.6 MMbbls stand comfortably atop the seasonal range.
Here is what we think the FTC is going to find… nothing, zilch, nada, no evidence whatsoever of market manipulation. After all, the days of Standard Oil are long gone. We are pretty sure Senator Rockefeller is aware of that.
Whereas temperatures in the western third of the country posted one of the coldest Mays on record, Texas notched its 21st warmest month. Markets along the eastern seaboard, from Virginia to Maine, posted one of the warmest Mays on record.
As Mr. Bernanke observed, interest rates would likely rise on a disruption to the U.S.’ debt obligations. However, political brinkmanship notwithstanding, interest rates are about to rise anyway. For instance, China has lost its appetite for U.S. debt (especially short-term debt) since the Fed went ahead last fall with a second round of quantitative easing.