Natural gas prices are being driven toward an upside breakout as an artic deep freeze challenges the nation. It also means that we will challenge record natural gas production and see how that will keep prices under control.
The New Year is bringing clarity to the oil market and maybe to the stock and gold market as well. Oil prices got hit hard as weak data out of China and the reality of abundant supply stated to weigh on market sentiment.
Oil is getting a yearend squeeze as inventories fall and geopolitical risks seem to be rising. War in South Sudan, a terror attack in Russia and labor trouble in Libya are giving the bulls a little ride.
Rising yields should be raising eyebrows not only on the explosive stock market but also the global oil market. Oil tries to test $100 a barrel on light volume as the focus seems to drift away from inventories and more to a rising stock market.
U.S. stocks fell, pulling the Standard & Poor’s 500 Index down from a record, and the yen strengthened as concern American lawmakers will fail to reach a budget deal overshadowed better-than-estimated economic data. Oil, gold and coffee led commodity gains as the dollar weakened.
Crude oil futures prices were under pressure during most of the week, as strong inventory builds and the increasing value of the U.S. dollar eroded crude oil prices. Production growth in the U.S. continues to outweigh solid demand.
Can oil traders find happiness and fulfillment without the Energy Information Administration reports? Genscape is preparing to backstop the EIA Weekly Cushing Oil Storage Report, as well as the USDA corn crop yield forecast.