The oil complex was higher on Thursday, despite a lack of any readily attributable developments. There was a fire in a crude distillation unit at a refinery (52,000 bpd) in Cheyenne, Wyoming, but few market observers seem to believe that to have played a major role in the market’s strength. [More]

Crude oil prices lost roughly half a dollar a barrel yesterday as traders reacted to this week’s Department of Energy (DOE) weekly supply and demand statistics. Demand was steady to better than it was a week ago, but all three major inventory measures were higher – with crude oil stocks up substantially. [More]

Oil prices sold off yesterday and it may well be that this complex has run out of time (to break to new highs). We mentioned yesterday that prices only had this week to break decisively over $79.60. [More]

Crude oil prices finished flat on a day during which refined products prices moved lower. Prices traded on both sides of unchanged in a seesaw market that never really figured out what factors were most important for it. It was the first day in a very long time that front month crude oil futures finished totally unchanged. [More]

Oil prices were slightly lower on Friday as traders pared long positions on diminishing fears over Tropical Storm Bonnie approaching the Gulf. Investors were also trying to determine the results of a European bank “stress test,” and were trying to integrate the results into their larger understanding of the world economy. [More]

It was a very strange day in the markets on Tuesday. In the morning, the DJIA was down more than 50 points, reaching larger double digits although without breaking 100, the euro was under selling pressure and June housing starts dropped 5.0%. It was the second consecutive steep drop in the aftermath of a first-time home buyers’ credit expiration. Housing starts are now down 19% from April, two months ago. [More]

Crude oil prices posted light gains on Monday as traders seem to have taken their cue from equities. The DJIA finished up 56 points, and crude ended up 53 points, with the rough point-for-point correlation seemingly back in effect. In the process, and at one stroke, crude oil prices erased last week’s loss (all eight cents of it) and helped to paint a more supportive technical picture. [More]

Oil prices were lower on Friday, as the complex posted its third consecutive day lower. Tellingly, though, the losses over Wednesday, Thursday and Friday were not as large – combined – as the gains posted on Tuesday. Crude oil prices lost $1.14 a barrel over the final three days of the week, but had gained $2.20/bbl on Tuesday. Curiously, in an odd symmetry, crude oil also had lost $1.14 on Monday, leaving it a net loser of $0.08 on the week, dropping four out of five trading days. [More]

Oil prices dropped lightly for a second consecutive day yesterday, and traders seem to have been liquidating long holdings in front of the weekend early this week. Market observers were talking about sentiment having turned more negative since a number of economic statistics started to signal the possibility of slower growth ahead. [More]

Our usual reports (Morning & Gas Petrospective) will return Friday, July 16th. Energy analyst Peter Beutel is presenting at an energy conference in Chicago. [More]