This week the main reason why crude oil moved up and down was the saga surrounding the Seaway pipeline. The reversal of this pipeline was perhaps the most important reversal of liquid since they changed the direction of the Chicago River.
Rising gasoline prices and production cuts tied to a tropical storm churning through the Gulf of Mexico have some energy analysts predicting the U.S. will announce a release from its Strategic Petroleum Reserve.
Stocks and commodities declined after China raised fuel prices by the most in two years and BHP Billiton Ltd. said the nation’s steel production is slowing. Treasuries advanced for the first time in 10 days.
Beware the Ides of March and be aware of the drop in distillate inventories in this week’s oil inventory report. Even Julius Caesar himself might have reason to be concerned about Europe and their cold winter.