The U.S. oil boom has put European refineries out of business and undercut West African crude suppliers. Now domestic drillers threaten to roil Asian markets and challenge producers in the Middle East and South America.
The New Year is bringing clarity to the oil market and maybe to the stock and gold market as well. Oil prices got hit hard as weak data out of China and the reality of abundant supply stated to weigh on market sentiment.
Should $100 oil be forgot and never brought to mind? Oil made one last attempt to go above $100 a barrel but backed off as we end the year. It was a year that saw a surge in U.S. oil production and record natural gas production.
Brent crude prices, the benchmark for half the world’s oil, will weaken for a second year in 2014 as U.S. output expands and threats to Middle East and North African supply ease, the most-accurate forecasters said.
T'was the last Energy Report before Christmas, and all through the pits, the rise in the oil market was giving traders a fit. Traders put on their positions with care, because with all of the fracking the supply would be there.
Since the start of November, a confluence of cold temperatures, production setbacks, and infrastructure maintenance, has conspired to push natural gas prices to the highest level since last April for a front-month contract.