After getting through the oil markets yesterday with a collective yawn, I was busy watching reruns of Full House to keep my day moving. At some point though I did notice that the little action that there was in crude oil, it was on the sell side. Then as I reviewed the near useless Commitment of Traders Report, I also noticed that of last Tuesday that Funds were busy adding more shorts to their portfolios.
It's Feb. 22, 2017 and I am not wearing a coat to work! In Chicago for heaven sakes! Do I need to explain any further why natural gas prices got pummeled?! Temperatures that are more in line with spring or summer has save this market from what was a structural shortage. Now because Mother Natures has saved us, it is unclear whether lower natural gas prices will inspire the type of production we will need to meet demand.
Russia plans to meet with some OPEC and non-OPEC nations on Friday to discuss unresolved issues related to a planned oil-output cut before wider talks the following day in Vienna, a Russian government source told Reuters.
Royal Dutch Shell, the world's second-biggest publicly listed oil company, is studying acquisitions in the green energy sector, its CEO told Reuters, as it bows to shareholder demands for a strategy beyond fossil fuels.
Crude oil prices slid on Friday, dragged by a strong dollar and uncertainty over whether OPEC will agree to cut production at the group's meeting next week, but benchmark contracts were on track to close the week with gains close to 4%.
After the Brexit bash, global markets are trying to steady themselves as the historic shockwaves of the Brexit vote will continue to cause unease in global markets. The fact that Brexit will actually happen anytime soon is allowing the markets to try to act more normal even as everything in the world has changed.
Crude oil prices bounce around as the trade looks to a Brexit poll that suggests the “stay" campaign may be gaining momentum. It is becoming clear that if the UK votes to stay, then oil prices should move much higher.