Crude oil prices went on a wild ride after reports that the Iranians seized a cargo ship, and after a major Saudi shake-up that came after the close. If that wasn't enough for oil traders today, we get a double dose of excitement as the EIA releases its supply report
Details, just details. Crude oil prices rallied after Iran's Supreme Leader Ayatollah Ali Khamenei and President Rouhani made some comments that make it look like the wood is coming off of the "framework deal."
The EIA released its latest Short Term Energy Outlook report. The forecast was overall supportive in that they increased their demand forecast while lowering their supply projections including the United States. Here are the highlights.
Peak crude oil is back--at least for now! U.S. oil futures soared after the Energy Information Administration (EIA) acknowledged that U.S. oil output will fall despite earlier predictions to the contrary, only to fall back after the American Petroleum Institute reported a 12.2 million barrel increase in crude supply.