Fundamentally, there a lot of moving parts in the crude oil market--or so it would seem. All except for the most important part-supplies.
At any rate, there are sanctions that have been placed on Russia and sanctions that Russia has placed on other countries in retaliation to the sanctions that have been placed on them. Whew! That wasn't easy to get out. On the other hand, there has been talk of Putin putting together a peace treaty for Poroshenko that could end the war between the two countries Russia and Ukraine.
Then there is ISIS the terrorist group that is taking over Iraq and is seemingly targeting another attack on U.S. soil. This just after behead innocent American reporters. The group is spreading from Syria into Iraq and apparently has a hundred members with U.S. passports. If you ask me they are a force to be reckoned with and should be taken seriously. Oh and let us not forget about the Gaza Strip and the seemingly endless battle there.
Really though I look at fundamentals and even more so the technicals of a market. The supply and demand. Right now many of the refineries across the United States are shut down for maintenance. That time between gasoline production and heating oil production. Also this week’s EIA report showed that crude oil supplies dropped by about one million barrels from last week to this week.