Continental Europe will probably be warmer than average for a third month in February as the milder counterpart of the polar vortex that gripped North America helps to extend a decline in power and gas prices.
Mixed messages sent oil products higher, but oil continues to be grounded by an ever growing U.S. supply. While crude supply only increased by 40,000 barrels, overall supply at Cushing Oklahoma increased to a whopping 39.9 million barrels.
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.
China's imports have surged in recent years from OPEC nations such as Saudi Arabia, Iraq and the United Arab Emirates, according to Chinese customs data. The U.S. is still No. 1 in crude imports from the entire world.
Oil volatility is back and the bulls are no longer going to get a free ride bought and paid for by our friends at the Federal Reserve. Add to that the fears of a China meltdown based on a credit freeze.