Crude Oil outlook

Crude Oil price outlook – Crude oil crosses $71.45 at 2pm Eastern time, NYMEX higher by 3.9%

Interesting whiplash action today compared to yesterday as crude rises by almost 4% despite an EIA reported rise in crude inventories and a drop in gasoline stocks, an improvement in durable goods orders and the first decline in 10 weeks at the inventory number in Cushing, OK where deliveries for the WTI crude oil contract…Read more

The central bank of oil

Great article in FT describing Saudi Arabia as the central bank of oil, targeting physical availability of crude oil versus price levels, the resulting central bankerisque inaction and its impact on future crude oil prices. I was wondering what would happen to this role when Iraq is done bringing its 12 million barrels of production…Read more