Edward Meir
Edward Meir
almost follow followed impact limited price sharp spike strike
The strike in Nigeria, if it does come to pass, will have a limited price impact and could very well follow June's pattern, where a sharp spike after the strike announcement was followed almost immediately by sizeable selling,
behind hard pinpoint price reasons
It's hard to pinpoint what the reasons behind yesterday's price surge were.
again crude ease few last note pattern plays prices prior release seem snap somehow tend themselves
In the meantime, we note that over the last few weeks, crude prices seem to ease just prior -- and after -- the release of the EIA numbers, but tend to snap back as geopolitical tensions somehow reassert themselves by week's end. We will see if this pattern plays out again this week.
despite energy growth higher interest looks major picture prices seeing
The growth picture looks very solid. We're not seeing any slowdown at all in any of the major metal-consuming countries, despite higher energy prices and higher interest rates.
among bulls copper rally surprised
The copper rally has surprised us all, even the die-hard bulls among us.
There is some understandable nervousness about today's copper-stock increase.
cannot further gains inventory later numbers rule
We cannot rule out further gains later in the week, particularly if (DOE) inventory numbers surprise.
funds popular rather searching seem
Commodities seem to be a rather popular alternative (to bonds, equities and the dollar) for funds searching for a trend.
barrels center command front iranian issue market million oil per prospect
As long as the prospect of sanctioning 4 million barrels per day of Iranian oil is out there, the Iranian situation, in our view, will be the front and center issue that will command market attention.
across action case complex gas natural odd session trading
Sometimes one comes across an especially odd trading day when nothing much makes sense. Yesterday's session was a case in point, with the action in the natural gas complex being particularly puzzling.
buying commercial continued crack gasoline healthy possible supplies
More likely, it was continued nervousness about gasoline supplies and possible commercial buying on the back of healthy crack spreads.
case enter growth interest markets money rising shows signs slowing steadily vigor
New money may not enter the markets with the same vigor as has been the case in the past, especially if growth in the U.S. shows signs of slowing on the back of steadily rising interest rates.
looks test
A test of $6,000 now looks like it is around the corner.
increasing inventory latest markets odds remains seen situations three whether
It remains to be seen whether this latest really will be upstaged by this week's EIA inventory reports. We think not; the markets are grappling with three simultaneous geopolitical hotspots right now, increasing the odds that at least one -- if not all three -- of these situations will override the potentially bearish consequence of an inventory increase.