Gasoline in New York rallied following a reported outage at Irving Oil Corp.’s Saint John, New Brunswick, refinery, which exports about half of its production to the Northeast market. Futures have jumped 7.9 percent since Sept. 12.
Hassan Rouhani, the first Iranian leader in a decade to visit Davos for the World Economic Forum, invited oil companies to invest in his country as a nuclear accord with world powers triggers the lifting of some sanctions.
Dan Dicker, energy trader, oil analyst, television and web commentator, author and general provocateur doesn’t mince words, especially about the new players brought in through electronic trading of the markets.
Oil prices are drifting lower ahead of this morning’s EIA oil inventory report and after the API reported a much larger than expected build in crude oil but partially offset by a larger than expected draw in gasoline stocks.
While manufacturing reported weakness caused a drop in oil, heating oil led a product comeback. Yet it was natural gas that quietly closed above $4.00 that was perhaps the most interesting move of the day.