Crude oil prices led stocks lower yesterday, but today are rebounding. There’s talk of lower U.S. output, stronger than expected demand in Asia and short covering ahead of the weekly inventory reports.
Today oil will take its cue from the dollar. The dollar will move on the European Central Bank Statement that is due. With Japan going quantitative easing crazy, can the European central bank keep pace?
The International Energy Agency report confirmed market sentiment when it cut its global demand forecasts for 2014 and 2015 and pointing out that despite all of the conflicts going on in the world the market remains well supplied.
New York’s cities and towns can block hydraulic fracturing within their borders, the state’s highest court ruled, dealing a blow to an industry awaiting Governor Andrew Cuomo’s decision on whether to uphold a six-year-old statewide moratorium.
U.S. efforts to speed natural gas exports as a way to loosen Russia’s grip on European energy supplies may be thwarted by lengthy reviews and developer reluctance to proceed with multibillion-dollar projects.