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.
A wild expiration day for the December WTI contract and even a wilder day for the Brent vs. WTI oil spread. Brent initially was selling off over optimism from the talks with Iran surrounding its nuclear program.
The market is taking in stride the first potential hurricane in the Gulf of Mexico this season as its seems a bit more worried about a government shutdown ahead of a looming deadline over the fiscal ceiling debate.
A ragged collection of rain showers off the Yucatan Peninsula may develop into a weak tropical system as it moves over the Gulf of Mexico, prompting some energy operations to evacuate non-essential personnel.
Overnight it seems that oil is now worried more about the prospects of the Fed tapering than all other global geopolitical and storm worries. Strong data out of Europe is offsetting concerns from Egypt.