I am not sure if Bamwx Meteorologist Bret Walts makes the weather or just predicts it but yesterday he sure seemed to move the natural gas market! If you have been following the natural gas market lately, you know it has been moving on the weather.
It was not too long ago when people were freaked out about oil. The word was that the world was running out of oil! The world would soon hit so-called "peak oil”,  a point in time when the maximum rate of extraction of petroleum would be reached, after which it was expected to enter terminal decline. Freak out!
Iran raised a few eyeballs after Iranian President Hassan Rouhani said that Iran has a new oil field that would increase Iran's proven reserves by an impressive 53 billion barrels of oil. Overnight, this would increase its proven reserves by about one third.
Oil prices are starting out a bit weak on this Veterans day as OPEC is signaling that there will be an extension of the current production cut but nothing bigger. This comes as the market deals with yet another drop in rig counts and a rebound in OPEC production.
Oil prices started out strong on U.S.-China trade talks only to fade as reports of whether all in the Trump administration are ready to lift tariffs. With U.S. trade war uncertainty, oil is continuing its volatile uptrend.
Are you ignorant or do you have an agenda? Well, maybe both. One reason I might be both is that I was shocked at the stunning 7.9-million-barrel increase in crude oil supply reported by the Energy Information Administration (EIA).
The crude oil price gained on reports of more shale pain along with reports that Saudi Arabia wants to cut production and an American Petroleum Institute report that showed a big build in crude supply but a disturbing drop in gasoline and distillate.
There is the OPEC report that is discussing the outlook for lower market share for OPEC oil on one hand, and then, on the other hand, you have the OPEC Secretary-General saying...
All of a sudden it seems all is right with the oil world. A much stronger than expected jobs number set off a rally that continues into today. Oil prices are popping on China's trade optimism, strong spot market demand and signs that U.S.  shale producers are packing it in.
The price of crude had its worst week being down over 4% on a freak crude oil supply build and worries about a U.S.-China trade deal and the ridiculous impeachment of a President.