From a technical perspective all of the commodities in the oil complex hit a top several days ago and have been drifting lower since peaking after a long run to the upside that began in early February.
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.
Right after the New Year, subsequent to the budget deal announcement, the U.S. dollar rallied as the euro tanked. The euro basically went from 1.32 to 1.30 in a couple of days, and is now consolidating a bit in the low 1.31s
Enbridge Inc. and Enterprise Products Partners LP plan to start crude oil shipments on the Seaway pipeline from Cushing, Oklahoma, to the U.S. Gulf Coast on about May 17, according to a filing with regulators.