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.
While Ben Bernanke is still talking about tapering, he made it clear that his plans on tapering are not on a preset course. Oil as well is not on a preset course but at some point soon we should see oil drop about $10.
A wildly bullish American Petroleum Institute report and reports of refinery issues as well as a blowout had crude go crazy late in the day. The bulls have gripped control as the market has gone out of control.
Commodities are getting crushed as strong U.S. data increase the odds that the Federal Reserve is getting closer to "The Great Taper." The impact of QE on commodities is most clear when the Fed says that the party is going to end.
Oil supply plunged last week by a whopping 6.3 million barrels last week. That drop was dramatic but we still are ending the month of May with supplies at a 10-year high -- as opposed to the 81-year high last week.