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Oil Market Knees Buckling on News of Brexit

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Markets were relatively shocked this morning to find out that Great Britain voted to leave the European Union. This lead to the predicted announcement by Prime Minister David Cameron the he will resign his post, effective later this year. The late prediction polls had the “Bremain” camp slightly ahead, and many thought the status-quo basis would keep their status the same. As a result of the vote, many markets are significantly weaker, as we wait to see some clarity on how this will affect the future. Also, investments have fled other currencies, and poured into the U.S. dollar. Read more

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Another Red Number Day with the DOE

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Oil prices settled lower on Wednesday after the weekly Department of Energy (DOE) inventory summary reported a smaller than expected draw in crude oil stocks. The moderately bearish report caused a sharp downturn in flat price, which was up early in the day on continued strength this week. WTI did rally late in the day to pare some of the losses, and the market still appears to be content to trade in the current range. Read more

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WTI and Carry On.

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Monday overnight/Tuesday morning energy markets started the much lower as prices took a breather from the violent up move of the previous two trading days. This downward pressure was aided by talks of a ceasefire agreement between Nigeria and the militants. Previous conflicts between the two groups had markets concerned over future supply in the region. However, mid-morning, prices started to move off of their lows and move higher. As has been the case recently, this upward movement was led by the RBOB contract, which recovered to finish positive on the day, with the front month WTI and ULSD contracts finished down slightly. Read more

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Big Day for RBOB the Builder

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Pulled by a suddenly white-hot RBOB contract, the oil market posted a second consecutive day of strong gains, with the front month WTI contract (now July, soon to be August) running back up to near $50. Little new news appeared in the macro-oil environment on Monday, leaving the upcoming British EU Vote (“Brexit” or “Bremain”) and its impact on currency values to determine price direction for oil. The dollar was noticeably weaker on Monday, helping commodity values rise. July RBOB was up eight cents, and now cumulatively 11-cents in two days, which effectively added more support to the day’s gains. Read more

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Oil Markets Go “Risk On” after Brexit News

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Oil prices responded Friday to the six-day down streak with aplomb, gaining support from the increased likelihood of Great Britain remained in the European Union (EU) and on good, old-fashioned bargain hunting. The week-long plunge lopped five dollars off the front month WTI contract, putting that vehicle in danger of retrenching to “correction mode”, where further price dips were likely. That said, Friday’s strong move to the upside erased a good portion of those losses. Read more

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Another Fainting Spell for Oil Prices

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Thursday energy markets fell for a sixth consecutive day, as continuing fear of oversupply, Brexit, and general price momentum continued. At Thursday’s low point, front month WTI was down almost $6 in the last six days, as the July settle of $46.21 moved further from the important $50 level. Front month WTI is now at its lowest level since May 13th. The products were led by the ULSD complex, which saw front month futures settle down almost 5.5 cents. This is the largest down move for the contract since May 9th. Read more

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“Downward” Dogs even a Decent DOE Report

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Risk was off on Wednesday as downward momentum continued to be the story, and energy markets moved lower for a fifth consecutive day. Overnight Tuesday, and into early Wednesday, crude oil and refined product futures started much weaker. The bulk of this was a result of bearish API data from Tuesday afternoon, which showed a surprising build of both crude oil inventory and gasoline stocks. Markets also continue to be pulled lower by the uncertainty in Europe of the pending “Brexit” vote. (Click image or post title for more) Read more

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Oil Prices on a Losing Streak?

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Oil prices slid for the fourth consecutive session on Tuesday, the first four-day losing streak in nearly two months (that streak coincided with OPEC’s now infamous “Doha No-Ha”), with European economic worries again maintaining a presence at the forefront of market eyes. WTI peaked above $51 last Wednesday (post-DOE data) but has steadily fallen since then on new and, somewhat surprising, already persistent demand concerns. The British vote on whether to remain in the European Economic Union is next week, and it may be a harried price week for oil until that event occurs. Read more

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Oil Prices on the Defensive … for Now.

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The oil market suffered through its third straight down day, though losses were pared as the day wore on. The primary market focus was on future demand prospects and the health of the European economic system. Though supply constraints (bullish) dominated market tenor towards the end of May, that view has quickly shifted towards wobbly economic growth (bearish). Read more

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An Extended Moment of Pause. Brexit the Cause?

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Oil prices fell for second straight day on Friday, with the front month WTI settling below $50 after three days above it, as market participants continued to take commodity risk off of the table. Fears of economic turmoil in Europe (and by a vote by Great Britain to exit the European Union, or the “Brexit”) caused a move higher in the dollar as well, helping with the commodity purge (global equities were also suffering). While supply fundamentals are still firmly in place (that is, supply disruptions), the economic uneasiness of the last few days has led to an extended moment of pause. Read more

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