Oil markets are set for another rocky week.  OPEC will meet on Friday to discuss production increases and the weekly inventory report is due on Wednesday.  Currently, analysts expect OPEC to keep levels the same.  However, the recent arms deal with the Saudis may help influence them to vote for a production increase.  The arms [...]

Oil continues to slide as economic concerns drag down price.  Inventory reports on Thursday are expected to show an increase in suppy.  It is normal for this time of year to have stockpiles grow.  It is also suspected that refinery activity declined as they start to shift refining to gasoline.
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The increase in refining to over 90% has led to a fall in U.S. crude oil inventory.  This may lead to an increase in OPEC production targets at their February meeting.  That type of speculation coupled with very warm weather in the northeast should continue to lower crude oil prices.
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Temperatures in New York are expected to be in the mid to high 60s this week.  Oil demand will take a long awaited hit.
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James Sutliff

Oil rose briefly today following an inventory report which indicated lowering supplies of crude oil.  However, Cushing Oklahoma held its levels and there was an unexpected rise in heating oil.  Heating oil supplies should continue to rise in the coming weeks due to much warmer than normal temps in the northeast.  As the winter continues [...]