The shale gas revolution in the United States has led to a collapse in prices but is too big to keep to ourselves. That is turning natural gas from a domestic market to a global one, and the global demand may cure the current low prices.
The oil market cheered GDP as it already was supported by old man winter. Led by heating oil and gas increases on refinery glitches and winter woes, WTI gained as the emerging market challenged the Brent crude contract.
All and all it's just another brick in the wall. Blend-wall that is! Oil futures continue to the down side after the Environmental Protection Agency announced its long awaited recommendation on the easing of ethanol requirements in gasoline.
In early October, rumors began to circulate that the EPA was set to reduce the minimum ethanol blend that it mandates the U.S. fuel industry blend into gasoline. Over the past decade we’ve seen explosive growth for the U.S. corn-based ethanol industry.
Critics of the Keystone XL pipeline say they’re still optimistic President Barack Obama will block TransCanada Corp.’s planned $5.3 billion link between the oil sands in Alberta and refineries along the U.S. Gulf Coast.