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.
Ultra bears are throwing in the towel as a bottom in crude oil is starting to develop. Oil prices soared after a dismal jobs report and signs that demand in Asia is improving, and the hopes of a quick return of Iranian oil to the market is off the table. Hedge fund and speculators are now embracing the long side as the prediction of and the resumption of the epic crude price collapse is now not very likely.