Today oil will take its cue from the dollar. The dollar will move on the European Central Bank Statement that is due. With Japan going quantitative easing crazy, can the European central bank keep pace?
The International Energy Agency report confirmed market sentiment when it cut its global demand forecasts for 2014 and 2015 and pointing out that despite all of the conflicts going on in the world the market remains well supplied.
U.S. efforts to speed natural gas exports as a way to loosen Russia’s grip on European energy supplies may be thwarted by lengthy reviews and developer reluctance to proceed with multibillion-dollar projects.
WTI got a big boost as Trans-Canada announced the southern leg of the Keystone Pipeline is operational driving up West Texas Intermediate versus Brent Crude as the market anticipates that will mean more products for export and a reduction in the global spread.
Record demand, record low temperatures and record production as the cold grips the nation and of course the natural gas. Natural gas rallied and broke as traders tried to assess the cold and new data from the Energy Information Administration.