Tim Evans
Tim Evans
close fact holding market physical risk shortage
There is nothing close to a physical shortage going on here. Instead, what the market is holding here is a significant, and in fact growing, implied risk premium.
call hold lost market pull silver staging time week
It's staging what I would call a catch-up move. After resisting the upward pull of silver all week long, the market couldn't hold back any more and is making up for lost time here.
april crude despite drop last market near remain stocks surprise
Despite the surprise 1.3 million-barrel drop in DOE crude stocks for last week, inventories in the market remain near April 1999 highs.
attempting clear crude market move oil
It is pretty clear they were attempting to move this oil into a crude oil market where there was already a surplus.
attractive becomes both commodity emerging focus general gold less lows markets near oil since surrogate
Really, we've had some focus (on oil) since mid-February, when both markets made a significant low, and both markets had a near retest of those lows on Wednesday. Oil is emerging as the focus for the gold market as a surrogate for general commodity inflation. Without that kind of commodity inflation, then gold becomes a less attractive investment.
drained market means oil petroleum short strategic
In the short run, it means more oil drained from the market into the Strategic Petroleum Reserve.
balance chopping looking market opportunity price relaxed storm updates
There still may be ample opportunity for price chopping off storm updates over the balance of the week, but the market is looking considerably more relaxed today.
despite drawn extent last limiting market might page positions prices profit pushing short storage taking warmer week
The natural-gas market is on a completely different page now, with profit taking on short positions pushing prices higher, despite what are still impressively bearish prospects. This week will be warmer than last week, limiting the extent to which storage might be drawn down.
markets recent since traders trends
The markets are bracing for Thursday's DOE reports, with traders cringing since the recent (supply) trends have been bearish.
best data economic importance jobs latest markets overall round spin
The markets are all doing their best spin jobs off the latest round of DOE data, but there were really no significant surprises. The overall economic importance of the data is still bearish.
energy exhaustion market reach risk
The market has used considerable energy just to reach this level. We see risk of exhaustion now that it's here.
certainly market
The market is certainly tightened by this event.
perhaps short situation
The situation is not going to get better in the short term. Perhaps it will get worse.
april covering crude draw last oil short since surprise total trigger weekly
Crude oil may have been able to trigger short covering off the surprise 1.3 million-barrel draw from last week, but inventories are still at their second-highest weekly total since April 1999.