Jason Schenker
Jason Schenker
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The service sector performed well, with new orders rising, prices declining and employment inching up.
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The saber-rattling on both sides of the table has led to some pricing in of risk, but it's quite conceivable we could see prices go back to $60, even the high $50s, if this dispute reaches a resolution or even a stalemate.
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Energy shares took a hit today as crude prices eased. The drag in energy shares, combined with end-of-year low volume, is bringing volatility to the stock markets.
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Prices went a lot higher than most of us expected a year ago. The factors that caused prices to surge aren't likely to go away next year. The volatility of the market may even increase.
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Prices are being held up by worries about gasoline.
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The tangible, physical disruption of Nigerian supply has propped up prices over the past few weeks.
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At this point, at these prices we're not likely to see a cut. Politically that is not feasible.
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Massive inventory declines in crude oil are part of a three-month trend, heating oil prices continue their relentless rise, and the supply disruption premium is in full effect. This may only be the beginning; the winter oil bull run has begun.
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If the rise in imports and utilization manifest this week continues next week, it could apply some downward pressure. Of course, any decline in petroleum prices would be predicated on the notion that the Iranian geopolitical situation remains relatively quiet.
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If this leads to the shut-off of Iranian oil, I think it would probably mean we've got bigger problems than the price of oil. But if we end up with a 1970s-style oil embargo, we could see prices go markedly higher into uncharted territory.
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Near-term energy price spikes, ubiquitous gasoline lines and fear of shortages have exposed the soft underbelly of the U.S. energy complex,
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One of the biggest hurricanes ever is headed for the heart of America's refining capacity. Prices will hit new records if we get reports of flooding and other destruction once the storm passes.
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We've recently seen a series of minor conflagrations in Nigeria, which are resolved swiftly. The headlines raise awareness in the market but the price rises soon fade.
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The government's offer of barrels from the Strategic Petroleum Reserve has mitigated some of the upward price pressure on crude oil. The problems with gasoline and natural gas may not be helped even if the SPR is tapped. If refineries are offline and can't run the extra oil, it will make no difference.