Oil prices are rising on hopes that Hurricane Jose will not do any damage to East Coast refiners that are running hot and heavy to make up for lost supply from Gulf Coast refiners that were hit hard by Hurricane Harvey. Refiners are already having success with getting gasoline prices to fall but there is more work ahead of them.
After those EIA numbers came out yesterday, all I could think was that we need to get to this June FOMC meeting and a rate hike.
Oil futures held steady on Monday as a rebound in Libyan oil production over the weekend weighed against upbeat economic data from Asia that pointed to strong energy demand from the region.
A correction of some sort in crude oil prices seemed inevitable and this may well have started today with both contracts falling nearly 4% each.
Global oil prices dipped on Tuesday but continued to trade in a tight range with the OPEC-led output cuts offset by increasing crude production from the United States.
Tesla Inc said on Wednesday its mass-market Model 3 sedan was on track for volume production by September, encouraging investors who see the electric vehicle as the avenue to profitability for the young company.
Oil prices rose more than $1 a barrel on Tuesday after OPEC said it was sticking to its agreement to cut production and hoped compliance with the deal would be even higher.
Crude oil, rubber and metals are set to end 2016 with strong gains, bouncing back from several years of losses on output cuts and expectations of firmer demand.
All of a sudden it looks like global growth is trailing off, raising more concerns about crude oil demand. Yesterday, weak data out of China and warnings for the International Monetary fund about Asian economic growth hit oil and industrial metals.

As expected, Greece has defaulted on her payments to the IMF.  This much anticipated move now sets up the ne