Following several years of stronger-than-expected North American supply growth, the shockwaves of rising U.S. shale gas and light tight oil and Canadian oil sands production are reaching virtually all recesses of the global oil market.
Natural gas surged to a 15-month high inspired by a bullish supply report from the EIA. While many attribute the surge in demand to all of the cold weather, just below the surface something much more significant is going on.
RBOB futures soared and rocked to the highest level since last September as concern about tight supply in a New York harbor is causing a bit of panic. It seemed to get an extra shot of enthusiasm when Hess announced it is exiting the refining business