Oil is up a tad as the EU seems to not to be in a real hurry to pull the plug on Cyprus. The EU did promise to provide liquidity based on the existing rules, which is providing liquidity in the energy markets.
In the past when OPEC’s back has been against the wall, like the late-1990s, energy prices and demand rebounded to save them from the ash heap of history. Yet this time may be different. Why? Because OPEC is not the only game in town!
Well a few tweaks to my model and we called the natural gas number right on the button. While my estimate was off of main stream expectations, the market hit a new high for the year on the 146bcf withdraw.