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.
Brent crude went crazy as Libyan oil exports were not to be, and today oil prepares for the Fed meeting. The EIA says that in 2016, crude oil production is expected to be close to the historical high of 9.6 million barrels per day, a record set in 1970.
The oil market is getting foggier as the American Petroleum Institute reported 12.4 million barrels drawdown in supply. The market seemed to sense what was coming as the market rallied into the number and exploded afterwards. Yet this shocker caused a massive rally.
Critics of the Keystone XL pipeline say they’re still optimistic President Barack Obama will block TransCanada Corp.’s planned $5.3 billion link between the oil sands in Alberta and refineries along the U.S. Gulf Coast.
A decision on whether to approve the Keystone XL oil pipeline may slip into next year, giving opponents time to marshal efforts against it while offering President Barack Obama a chance to wring concessions from Canada.
Building the Keystone XL pipeline would lead to more manmade light and noise in sparsely populated regions, which may harm natural resources, wildlife and visitors to national parks, the U.S. Interior Department said.
I have been telling my clients that for WTI crude oil to get above $100 a barrel we would need an event. Not only did Egypt's President act defiant against military demands, then we had a big drop in American Petroleum Institute's supply report.