Daily Energy Report
A mid-morning attack by Israel of a Hamas leader yesterday sent the oil market higher, but unless the tensions escalate in the near-term, we would anticipate prices to continue moving lower
Natural Gas
Natural Gas Commentary
Natural Gas traded sharply higher settling $3.739 up $0.169, 4.5%. The curve was much firmer 13/17 $0.09 tighter. Hub cash was firmer, ~$0.11 back this morning, Z-6 up $0.30 to $4.00. Algonquin traded up to $8.75 this morning, highest spot price of the year.
Daily Energy Report
Look for the slow drift lower to continue in the near-term, as worries about the health of the economy and the fiscal cliff dominate. Stocks sold off yesterday on various corporate and European news items, but closed near the bottom of last week’s trading range as well as close to a new four-month low.
Daily Energy Report
Daily Energy Report – The slow drift lower in oil prices should continue in the near-term, as worries grow over the fiscal cliff and the slow rate of economic growth. WTI could fall toward $80.00/bbl over the next few weeks as fiscal cliff negotiations appear likely to continue through the end of the year, U.S. production continues to grow, U.S. inventories remain elevated, and as problems in Europe remain in place
Daily Energy Report
Energy Price Outlook After a sobering week last week, oil prices are expected to be under pressure again in this week’s trade and potentially fall toward $80/bbl in WTI over the next few weeks. The dominant factors should be increased prospects for slow growth in the U.S., uncertainty over the fiscal cliff, events in Europe including Sunday’s vote in Greece, and OPEC’s cut in demand estimates on Friday. The
Natural Gas Report
Natural Gas traded lower settling $3.554, down $0.145 (3.8%). The curve was weaker 13/17 $0.04 lower. Hub cash was much weaker, ~$0.25 back this morning, Z-6 down $0.10 to $3.60. The 12z was in line with overnight models during the 6-10 day (warming East, cooler West).
Daily Energy Report
Oil prices are a tough call this week. The market received positive news on Friday through better-than-expected jobs data, but prices fell to five-day lows in WTI because the dollar advanced and stocks dropped. We had looked for the oil market to advance in the near-term based on better claims and ADP employment data,
Daily Energy Report
Today’s trade will focus on the employment report for guidance on the “risk-on, risk-off” trade, and will also keep an eye on the presidential election next Tuesday.
Daily Energy Report
Energy Price Outlook The oil market is expected to eventually make a move above the top end of the past week’s consolidation pattern in a more decisive manner than yesterday’s intraday “breakout.” We think that fund selling which has been prevalent in the last few weeks could diminish as many hedge funds closed their books throughout late-Oct. Support may also come from the restart of Northeast refineries, technical factors,
Daily Energy Report
The oil market appears to be locked in a sideways continuation pattern, however, the timing of a potential breakout may still hinge upon the trading floors opening for normal operations. The CME said late yesterday that Nymex floor trading would resume only when the city lifts its evacuation order for Zone A.
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