Oil prices moved sideways today after an inventory report that landed near expectations. The end result should be that the market is solid and prices should fall. The report has yet to be fully digested by traders.
To view a recent article click here:
http://ap.google.com/article/ALeqM5i5TtajgUpSm7KY5jf-lCJGHBB-tAD8UPHL9O0
James Sutliff
The energy department cut its forecast for oil demand and price. The change in the forecast coupled with the inventory report due out on Wednesday may dampen oil prices further. The Energy Information Administration is expected to indicate that crude inventories rose 2.5 million barrels. With the warmer weather and decreased refining it seems as though inventories should have grown more than what is expected.
To view a recent article click here:
http://ap.google.com/article/ALeqM5i5TtajgUpSm7KY5jf-lCJGHBB-tAD8UOTT1O0
James Sutliff
A chief for the International Monetary Fund recently mentioned the possibility of declining oil prices. The discussion was mainly centered around the effects that a decline would have on economies of some African nations.
To view a recent article click here:
http://allafrica.com/stories/200802090019.html”>\r\nhttp://allafrica.com/stories/200802090019.html
James Sutliff
Oil prices refused to rise after the Fed cut rates and OPEC declined to increase output. The seasonal rebuilding of inventories coupled with a possible recession are putting a ceiling on prices. Some speculate that the price can hit as low as $70 per barrel this year.
James Sutliff
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.
To view a recent article click here:
http://online.wsj.com/article/SB120110223414910089.html?mod=googlenews_wsj
James Sutliff
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.
To view a recent article click here:
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aP8WMSE0aS48
James Sutliff
Temperatures in New York are expected to be in the mid to high 60s this week. Oil demand will take a long awaited hit.
To view a recent article click here:
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a_q29vlFVK4Q
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 it is also likely that heating oil consumers will lower the thermostats in their houses. The rise in gasoline and heating oil supplies should not have come as a surprise since refining activity had increased. This is a sign that oil prices should dip in the coming weeks as demand will easily be met by supply. The geopolitical forces in Pakistan and Nigeria should not be enough to keep oil at $100. They are only temporary disturbances and are not of the greatest concern of oil traders.
To view a recent article click here:
http://www.chron.com/disp/story.mpl/chronicle/5424715.html
James Sutliff
Oil rose today following an inventory report which indicated lowering supplies. The increase of oil at Cushing Oklahoma has not been fully taken into account. Cushing rose 1.4 million barrels and has been rising almost every week for the past month. The continous rise at Cushing should help to lower the price of crude oil in the upcoming months.
To view a recent article click here:
http://ap.google.com/article/ALeqM5i5TtajgUpSm7KY5jf-lCJGHBB-tAD8TG17Q00
James Sutliff
The increase in oil inventory from the latest supply report caused the largest 2 day drop in oil prices since January. To read a related article please click the link.
http://www.bloomberg.com/apps/news?pid=20601087&sid=axonsYBVbHYg&refer=home
James Sutliff
