The U.S. oil boom has put European refineries out of business and undercut West African crude suppliers. Now domestic drillers threaten to roil Asian markets and challenge producers in the Middle East and South America.
The top Republican on the Senate Energy Committee urged President Barack Obama to end a 39-year ban on exports of U.S. crude oil, joining what is shaping up as an major election-year debate over energy policy.
Why all this interest in the long side of natural gas? Because the hedge funds realize that we are crossing that historic turning point in this market where demand growth expectations will start to outstrip production increases.
When the DJIA surpassed its previous all-time high on March 5, 2013, set six years earlier, it followed in the astrological path of its two previous 45-year cycles based on the interaction between Saturn and Uranus, planets that impact financial and economic events.
Oil prices are holding up better than you might think considering the negative mood out of China this morning. Psychological support for oil near the $90.00 a barrel area and the gap at $89.96 has bearish traders a bit concerned.