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Crude oil futures and options quick facts:
2/19/12 Crude oil futures prices traded mostly
higher week as Iran and Israel aggression news and
higher gasoline prices helped strengthen the crude
market. It seems that there is almost daily news
about Greece and the Euro Zone and the problems
within that financial system but news that Iran
stopped selling its oil to British and French
companies may push oil and other commodity markets
higher in the coming weeks.
2/10/12 Crude oil futures prices traded mostly
sideways this week along with most commodities. More
uncertainty about Greece and whether it will remain
part of the European Union or not. Euro-Zone finance
ministers decided to withold aid from Greece this
week. This in turn strengthened the U.S. dollar and
pressured most commodities lower after spending most
of the week in a bullish stance.
2/3/12 Crude oil futures prices traded down this
week as the U.S. dollar is continuing its slide. The
USD is now down 3 full basis points over the last
few weeks which is helping to push many commodity
markets higher. Friday's strong jobs report is also
helping commodity prices strengthen. It also seems
that bad European Union headlines are having less
affect on the markets and the worst case may already
be factored into many of these markets.
1/27/12 Crude oil futures prices are trading mostly
sideways again this week in spite of the fact that
most other commodity markets rallied higher. The
bullish news was the weakening U.S. dollar that
continues its 2 week slide of about 3 full basis
points which helps push dollar denominated commodity
markets higher. The FOMC meeting left rates
unchanged and opened the door for more quantitative
easing by the Federal Reserve Bank. European
sovereign debt issues and saber rattling from Iran
seemed to have little affect on the markets.
1/20/12 Crude oil futures prices traded mostly
sideways this week as Iran tensions seemed to lessen
and in spite of the recent influx of capital from
hedge funds and other large speculators into the
commodity markets and especially the soft sector
pushed many commodity markets higher. The recent
successful debt auctions from Spain and France
helped stabilize the European Union for the near
term and in turn weaken the U.S. dollar.
1/6/12 Crude oil futures prices traded mostly
sideways to down this week. The U.S. dollar rose to
new contract highs as concerns over European banks
pushed the Eurocurrency down to a 16 month low. New
tensions with Iran and its nuclear program has
pushed American and British aircraft carriers to
enter the Persian Gulf and the Straits of Hormuz and
in turn pushed crude oil prices to the highs.
12/23/11 Crude oil futures prices rallied this week
with many other commodity markets as the U.S. dollar
sold off from its contract highs in the thin volume
holiday trade that is typical for this week and
next. Iran tensions and possible sanctions pushed
oil higher and positive economic reports out of the
U.S. and Europe also pushed investors back into risk
assets like stocks and commodities.
12/16/11 Crude oil futures prices sold off this week
along with most other commodity markets. The lack of
an additional quantitative easing announcement by
Bernanke and the Federal Reserve Bank at the FOMC
meeting surprised some market participants and
pressured the markets. More bad news out of Europe
and very positive news from the U.S. economy pushed
more assets in to the U.S. dollar as it hit another
high kept the stock markets trading down to sideways
as well.
12/9/11 Crude oil futures prices traded mostly down
this week again as most of the commodity and stock
markets took their directional cues from the
European headlines again. In other words, bad news
out of the European Union pressured the markets and
good news helped push markets higher. The week ended
on a positive note as the European Union summit
yielded ideas of tightening anti-deficit rules and
punishments for member countries. This heartened the
markets as it symbolized the idea that forced
accountability of member nations may curb government
spending.
12/2/11 Crude oil futures prices rallied this week
along with many other commodity markets. Crude oil
broke through $100 a barrel as Iranian students
broke into the United Kingdon embassy in Tehran.
Positive job growth in the U.S. and other
encouraging economic data helped many commodities
push higher. Also adding to the bullish tone was
stability in Europe as a concerted effort by 5
central banks to add liquidity to Europe eased some
fears and a sell off in the U.S. dollar also helped
commodity prices.
11/25/11 Crude oil futures prices traded mostly down
along with the majority of the commodity markets and
in spite of the fact that Egyptian violence is
escalating and more financial sanctions have been
put on Iran. The U.S. dollar index rallied almost to
its October 4th high which is coincidentally when
many commodity markets' made their recent contract
lows. The recent German bond auction was a failure
and couldn't managed to sell all of the bonds issued
as more problems out of Italy and Greece hurt the
European Union as investors flee to cash and the
U.S. treasury markets.
11/18/11 Crude oil futures prices traded mostly
sideways this week after rallying above $100 and the
brent and WTI spread continues to narrow. More
problems came out of the European Union suppressing
most commodity rally attempts. The talk of Italy
potentially defaulting on its debt and Italian bond
yields breaching the critical 7% area hindered most
bullish support for most markets. The European
Central Bank chose to purchase Italian and Spanish
bonds to support the markets and prove that they
would support the teetering European Union and its
weak links from default.
11/4/11 Crude oil futures prices traded mostly
sideways this week as more uncertainty about Greek
and Italian solvency added to European Union woes.
Also adding to the uncertainty was the bankruptcy
declaration by MF Global who supposedly was
overleveraged in European high risk assets and it
was a very bad bet. This uncertainty pushed assets
towards the U.S. dollar and U.S. treasuries pushing
both higher on the week. The strong dollar often
depresses dollar denominated assets like
commodities.
10/14/11 Crude futures prices rose again this week
as the positive rhetoric out of the European Union
and the idea that the EU has plenty of assets to
back up its support of failing economys like Greece,
Spain and Italy has led investors back into stocks
and commodities. The U.S. dollar continues its fall
which is also helping out the dollar demoninated
commodity markets become more bullish.
10/7/11 Crude oil futures prices rallied this week
from its lows. The market moving news of the week
was Moodys' cutting the senior debt and deposit
ratings of 12 UK financial institutions while at the
same time the European Commission put together a
possible coordinated European bank recapitalization
plan to stabilize weak links in the financial chain
like Greece and Italy. Market volatility continues
to be extreme in stock and commodity futures
contracts.
9/30/11 Crude oil futures prices are trading mostly
sideways to down again this week along with most
other commodity markets as more problems with Greece
and its potential default to its bond holders and
other European woes has led to an extremely volatile
trading environment for stocks and commodity
investors. The U.S. dollar is also near its recent
highs which is also hindering the bulls for now.
9/23/11 Crude oil futures prices sold off this week
along with just about every other commodity as more
problems out of the European Union and Federal
Reserve Bank chairman Ben Bernanke saying that the
U.S. economy was probably going to slip back into a
recession. This fear of a double dip global
recession sent investors fleeing out of the stock
and commodity markets around the globe and
strengthened the U.S. dollar significantly.
9/16/11 Crude oil futures prices traded mostly
sideways to down this week along with most other
commodity contracts as more European soveriegn debt
problems (Greece) and more bad economic reports out
of the United States have come together to add more
uncertainty about the world's economic future. The
weakening U.S. dollar did little to prop up
commodity prices. Volatility can be extreme at times
as the market reacts to economic reports.
9/1/11 Crude oil futures prices rallied by about 6
dollars this week in spite of the strengthening U.S.
dollar and the idea that the Federal Reserve Bank is
thinking about another round of quantitative easing
to stimulate the economy as interest rates should
remain low until 2013 if not longer.
8/19/11 Crude oil futures prices had an extremely
volatile week along with most of the rest of the
commodity markets. The stock market indices were
quite volatile and affected most other asset classes
as European Union problems resurfaced again and put
many investors in doubt about future U.S. and global
growth prospects over the near term.
8/5/11 Crude oil futures prices have been mostly
down this week. This week's main stories are about
Europe's continued problems and the foreseeable end
of the European Union as the PIIGS continue to harm.
A slower global economy and the 10% correction in
the U.S. stock markets have many commodity investors
heading for the sidelines.
7/29/11 Crude oil futures prices have been trading
mostly down this week by about $5 a barrel as the
United States faces a political impasse on raising
the debt ceiling. This has led to talk about the
U.S. losing its AAA credit rating and potentially
defaulting on its debt obligations. The U.S. dollar
is trading sideways near its lows probably because
things seem to be even worse in Europe. Many of the
other commodity markets have also been trading
sideways for the most part.
7/15/11 Crude oil futures prices are trading
sideways this week as Ben Bernanke left the door
open for QE3 or printing more U.S. dollars to be
used for buying treasuries to help buoy the economy.
Also the European Bank Authority said 8 out of 90
banks failed their stress tests this week. 5 were
from Spain, 2 from Greece and one from Austria. The
U.S. dollar sold off this week.
7/1/11 Crude oil futures prices sold off by about $3
towards the end of this week in spite of the fact
that the U.S. dollar lost about 2 basis points once
the markets decided that the greek soveriegn debt
issues would be resolved for the short term in spite
of the agreement that most analyst share that Greece
is doomed to be bankrupt sooner or later. Many
commodity sectors look to be selling off such as the
precious metals, energies and grains seem to be
trending sideways to down over the near term.
6/24/11 Crude oil futures prices are collapsed this
week. The Obama administration decided to release 30
million barrels of oil from the strategic petroleum
reserve to help pressure energy prices. The
International Energy Agency plans to add 2 million
barrels a day from non-OPEC reserves. Also
pressuring the markets is the idea that Greece will
default sooner or later and may be released from the
European Union in order to strengthen the Euro.
Reports of slower growth out of India and China is
also pressuring commodity prices in general.
6/10/11 Crude oil futures prices had a wild week
spiking sharply higher after the OPEC meeting ended
without any conclusion about whether to change
outputs or not. Saudi Arabia and Iran seemed to be
the ones that had the conflict. This type of
disagreement might cause problems for the cartel as
Saudi Arabia produces about 25% of the world's oil.
6/3/11 Crude oil futures prices are trading sideways
this week as quite a bit of bad U.S. economic data
in manufacturing, housing and jobs has consumer
confidence falling along with the stock market and
most of the commodity markets. Many economists fear
a soft patch in the economy this summer and a
slowing of Asian demand for many commodities as
attempts to battle inflation by raising rates are
slowing growth.
5/27/11 Crude oil futures prices are trading
sideways along with most of the other commodity
markets as large speculators such as hedge funds
seem to be exiting the riskier assets. The lack of
aggressive buying and selling of these futures
contracts has caused many of them to trade sideways
in small trading ranges. The recent 3 cent rally in
the US dollar should have been more of a catalyst
pushing commodity prices higher but this has largely
been ignored. This is most likely caused by the
perception that China's economy may be slowing down
as well.
5/20/11 Crude oil futures prices are trading mostly
sideways this week as the US dollar continues to
strengthen and investors seem to be heading for the
exit when it comes to their riskier assets and are
getting in to cash and cash equivalents. The
volatility in many markets has dropped considerably
as some like silver, gold, crude oil and cotton are
consolidating sideways. This in turn is bringing
option premiums back down to more normal levels for
some markets as this volatility premium is taken out
of the options.
5/13/11 Crude oil futures prices sold off again this
week as the market digests the idea that Greece may
default on its debt just a year after this same
predicament that forced Germany to infuse money into
the system. This news crushed the Euro Currency and
pushed the US dollar higher which in turn hurt most
commodity prices and pushed volatility much higher.
Quantitative easing is set to end this summer which
might be why the stock market is soft in spite of
energy prices coming down violently. Option premiums
are very high for most commodities because of the
recent volatility.
5/6/11 Crude oil futures prices sold off this week
along with most of the other commodity markets. A
cocktail of bearish happenings have been a catalyst
initiating a huge exodus out of risk assets to
reduce investors' risk exposure. The ECB president
Trichet let the market know that a ECB rate hike is
not a done deal in July which in turn pushed the US
dollar up a full basis point. Also hitting the
markets were the CME group's increase in silver
margin requirements which totalled 5 increases over
the last 2 weeks which pushed weak longs out of the
market and caused silver to correct by about 25%
making it the worst sell off since the early 1980's.
Lastly, many US economic reports have been weaker
than expected which is weakening the confidence of a
strong economic recovery in the US over the near
term.
4/29/11 Crude oil futures prices rallied about $3
cents per barrel this week as Syria strafes the
streets to quell its uprising. The FOMC meeting left
Bernanke signalling that QE 3 would not happen and
QE 2 would end in June and that interest rates will
probably stay on hold for a while leaving the US
dollar to get crushed as other countries plan on
continued interest rates hikes to fight inflation
and attract foreign assets to the stronger
currencies.
4/22/11 Crude oil futures prices rallied about $6
per barrel this week along with most of the other
commodities as the US dollar hit levels not seen
since the "Great Recession" summer of 2008. The
market seems to be factoring in an unwillingness by
the United States' federal reserve bank to raise
interest rates in spite of the fact that many other
economies like Australia, China and the European
Union are raising interest rates. This rising
interest rate environment draws money away from US
investments into stronger currency assets.
4/8/11 Crude oil futures prices rallied about $3 a
barrel this week along with many other commodity
markets as the bulls seem to have control for now.
Gold hit an all time high and crude oil broke
through $110 a barrel pulling other commodities with
them. The US dollar coincidentally hit new contract
lows this week as well. The new earthquake in Japan
seems to be a non-event this time for the markets.
4/1/11 Crude oil futures prices are still running up
to around the $107 area as bloodshed in Libya
continues to put upward pressure on the Brent crude
markets pulling WTI with it higher. The U.S.
currently has ample supplies for the driving season.
Crude oil option premiums are high.
3/25/11 Crude oil futures prices were mostly higher
this week based on the fact that the risk trades
like commodities were the weekly theme. The Japan
nuclear scare seems to have been averted for the
most part and the markets factored in a worst case
scenario which caused the massive sell off last
week. The US involvemnet in Libya and tensions in
the Middle East seem to be growing which pushed
crude oil prices over the $105 level. The US dollar
has been sliding for most of the month of March
which is also helping push most commodity futures
prices higher.
3/18/11 Crude oil futures prices came down this week
along with most of the commodity and stock markets
as investors try to figure out what affects the
tsunami and its destruction of the cities and
nuclear plants in Japan will have over the short,
medium and long terms. Japan's economy is the 3rd
largest in the world and demand destruction for some
commodities may occur.
3/11/11 Crude oil futures prices are coming down
after a volatile few weeks in the commodity markets.
Geopolitical issues in the Middle East put the bias
in the commodity markets in the hands of the bulls
for the last few weeks but the buy the rumor sell
the fact side of the equation and China's first
trade deficit in many years seems to be behind the
massive liquidation of most of the commodity
markets. The market disregarded rumors that shots
had been fires by protestors in Saudi Arabia.
3/4/11 Crude oil futures prices rallied again this
week about about $6 per barrel as the world wonders
about the violence and ubiquitous unrest in northern
Africa and the middle east. Egyptians got rid of
their despot. Libya is trying along with Bahrain,
Tunisia and others which is pushing crude oil prices
sky high again. Higher oil prices are very
inflationary and helps push the bias of all dollar
denominated commodities higher.
2/11/11 Crude oil futures prices traded mostly
sideways this week as uncertainty in the middle east
situation befuddles oil traders. The uprising in
Egypt by the people to oust the long time president
out of power has turned violent and caused many
commodity markets to become very volatile because of
the belief that turmoil may spread to other Muslim
countries near Egypt. On February 10th the ousted
president appointed his vice president as ruler much
to the dismay of the protesters.
2/4/11 Crude oil futures prices rallied this week as
worry about the Egyptian uprising spreading to other
Muslim countries had the markets on edge. In spite
of the Suez canal being only responsible for about
3% of the oil shipping, the oil markets rallied and
pulled many other markets higher as well. The idea
that inflation and especially food and energy
inflation is starting to get traction in the media
and may have a significant impact of the economy
soon.
1/28/11 Crude oil futures prices sold off by about
$8 per barrel after China and India increased
interest rates to slow growth and battle commodity
inflation. Also hurting prices was Saudi Arabia
talking about raising production of oil. Crude oil
option volatility is high.
1/21/11 Crude oil futures prices followed the trend
of most of the other commodity markets as they sold
off violently in anticipation that China will step
up its efforts to quell inflation by making it
harder to get money out of its main banks by
increasing reserve requirements and raising interest
rates.
1/7/11 Crude oil futures prices have been coming
down this year as the US dollar continues to
strengthen because of more Eurozone problems. This
is occurring in spite of the fact that a 300,000
barrel a day refinery in Port Arthur, Texas is down
and Sunoco is shutting down several of its units in
Pennsylvania for unplanned repairs.
12/24/10 Crude oil futures prices rallied again this
week as DOE stocks showed a huge decline but this
can be misleading because oil companies get rid of
inventory to avoid ad valorem taxes. The week before
and after Christmas are notoriously thinly traded
and the markets can have very volatile price swings
because of the lack of trading volume. Many money
managers call it quits for the year in early
December to lock in before year end.
12/17/10 Crude oil futures prices have been trading
sideways this week after it breached $90 a barrel
last week. Crude oil supplies had their greatest
drop in supplies since 2003 as the DOE report showed
a 9.9 million barrel drop in supplies. However, oil
companies and refiners get hit with a year end tax
if they end the year with more supplies than they
started the year with. There were also lower imports
from Canada.
12/3/10 Crude oil futures prices have been running
this week as the European Union has decided to give
Ireland the loan it needs so that it won't have to
default on its debt. Also helping the market is the
idea that the worst of the problems in the United
States are in the past and its economy will likely
begin to grow at a better pace than expected. There
is also the idea that capital gains taxes and taxes
on dividends will not be implemented now that
republicans are in charge.
11/19/10 Crude oil futures prices sold off again
this week as China raised interest rates in an
attempt to slow its overheating economy and
inflation. Also pressuring the commodity markets was
the idea that Ireland may default on loans might
lead to more Eurozone economic problems coming soon.
11/12/10 Crude oil futures prices are correcting
significantly after the huge run up in prices. The
most prevelant perception is that the global
recovery may be stalling based on worse than
expected economic reports as of late and the idea
that China will hike interest rates to battle
inflation which should push commodities lower.
11/5/10 Crude oil futures prices are still heading
higher as the FOMC meeting yielded more quantitative
easing by the Fed. Printing more money should lead
to high inflation or hyperinflation for the next few
years. Especially when you consider the fact that
the Fed bought so much of the toxic real estate
assets from Freddie Mac and Fannie Mae. It makes
sense that they won't raise rates to fight inflation
because it would cost the government billions of
dollars.
10/22/10 Crude oil future prices are still coming
down from last week's highs as the US Dollar tries
to strengthen. China imported a record amount of
crude oil last month but it went into storage and
not into the refineries. China hiked the 1 year
lending rate by 25 basis points.
10/15/10 Crude oil futures prices are trading
sideways in spite of the idea of more quantitative
easing by the Fed may push prices as inflation may
be near. Prices are near $82 a barrel in spite of
the current supplies near 27 year highs. Crude oil
options volatility premiums are high.
10/8/10 Crude oil futures prices rallied through $84
this week in spite of the fact that inventories in
the US are at a 29 year high and gasoline supplies
are the highest since 1990. The idea of continued
quantitative easing by the Fed who is more afraid of
deflation than inflation will continue to pummel the
US dollar is also helping prices.
9/24/10 Crude oil futures prices are coming down
this week as the idea that the US will see a slow
economic recovery into next year leading to less
demand. The recent FOMC meeting left the door open
for more quantitative easing ie. money printing and
may weaken the US Dollar some more.
9/17/10 Crude oil futures prices are selling off
from the recent highs in spite of the shutdown of a
Canada/US oil pipeline this week. The pipeline
supplies 670,000 barrels a day and its shutdown may
cut into the supply of crude oil in the US. Crude
oil options have very high premiums right now.
9/10/10 Crude oil futures prices are rallying off of
the bottom of its recent range between about $71 on
the low side and about $83 on the upper end of the
range. Labor day is usually the peak of the seasonal
demand period for oil and a slow US economy, large
supplies, more Eurozone trouble and a strong US
Dollar may limit the probability of a break out to
the upside out of the recent range.
8/20/10 Crude oil futures prices sold off this week
to the $73 per barrel level as the historically high
supplies of petroleum and the distillate products
like heating oil and unleaded gas are pressuring the
markets with the help of a higher US Dollar and weak
economic data coming out of the U.S. this week.
8/13/10 Crude oil futures prices sold off this week
as the US Dollar continues to strengthen and the
supply in the US is burdensome. Crude oil supplies
are 8.1% above the 5 year average and distillate
stocks are 26.6% above the 5 year average.
8/6/10 Crude oil futures prices rallied over $82 a
barrel this week in spite of weak demand and
disappointing economic data. China's demand is
increasing and some believe that China is the number
one consumer of oil passing the US.
8/2/10 Crude oil futures prices are back above $80 a
barrell again as the US Dollar continues to weaken.
This is happening in spite of recent weak US
consumer confidence numbers and the idea that there
may be a double dip recession in the US.
7/24/10 Crude oil futures prices rallied this week
around $2 per barrel as the US Dollar continues to
weaken and tropical storm Bonnie may cause some
platform evacuations and problems with the BP clean
up process.
7/10/10 Crude oil futures prices rallied $4 this
week as the recent DOE report showed a 5 million
barrel drawdown in stockpiles. The recent weakness
in the US Dollar, better economic new and the
disruptions caused by the BP spill may also be
giving strength to the crude oil markets.
7/2/10 Crude oil futures prices sold off this week
as Hurricane Alex did not do any real damage to any
oil rigs as it hit near the Texas/Mexico border. The
idea that the global recovery is slowing and that
the US may experience a double dip recession is also
pressuring prices. The recent DOE report showed a
drawdown of 2 million barrels this week and gasoline
demand up 1.5% from a year ago.
6/24/10 Crude oil futures prices sold off this week
as weak housing reports and the idea that the US
economy is slowing again and a double dip recession
may happen is pressuring prices. The recent DOE
report showed a build of 2 million barrels of crude
oil supplies.
6/11/10 Crude oil futures prices rallied this week
on investor optimism that the worst may be over in
the markets. The sovereign debt problems in many
European economies and weak demand may make it hard
for crude to rally over the near term. The recent
DOE report showed supplies down 1.8 million barrels.
6/4/10 Crude oil futures prices sold off this week
as the weak US jobs report and weak data out of
China coupled with continuing concerns about
European debt problems is keeping pressure on the
market. The recent DOE report showed a 1.9 million
barrel drawdown in supplies.
5/28/10 Crude oil futures prices rallied this week
after a $22 per barrel drop since May 3rd. The
recent DOE report showed an increase of 2.4 million
barrels and the refinery capacity fell from 87.9 to
87.8%. Over the last 4 weeks gasoline demand is up
1.2% from a year ago.
5/21/10 Crude oil futures prices came down with the
rest of the commodity markets this week as the
European problems stemming from Greece and the other
PIIGS are expected to hurt demand for many
commodities. Investors seem to be choosing cash over
stocks and commodities for now. The recent DOE
report showed supplies up 200,000 barrels and
refinery use down from88.4% to 87.9%.
5/14/10 Crude oil futures prices fell from $80 this
week to the low $70's as plentiful supplies and weak
demand are pressuring the market. The recent DOE
report showed a build of 1.9 million barrels and
refinery use down from 89.6% to 88.4%.
5/7/10 Crude oil futures prices fell sharply this
week as the Greece problems are decreasing
investors' risk appetite and pushing assets into the
US Dollar and US Treasuries. The recent DOE report
showed and increase in crude supplies by 2.8 million
barrels.
4/25/10 Crude oil futures prices rallied late in the
week in spite of the Icelandic volcanoe grounding
many thousands of flights to and from Europe and the
United States. The strong US Dollar has also been
putting a cap on rallies.
4/16/10 Crude oil futures prices sold off this week
in spite of the improving economic outlook for many
countries around the world and in spite of the
decline of 2.2 million barrels estimated by the DOE
report this week. Refining capacity rose from 84.5%
to 85.6%.
4/9/10 Crude oil futures prices rallied to a 17
month high based on the idea that many economies
around the world are improving which should increase
demand for crude oil. The recent DOE report showed a
build in inventories of 2 million barrels. Refining
capacity jumped from 82.6% to 84.5%.
3/27/10 Crude oil futures prices have been trading
in about a $4 price range for the last couple of
weeks as strong US Dollar and European debt issues
have pressured many commodity markets to the
downside. The recent DOE report showed and increase
of 7.3 million barrels and the refinery runs showed
refinery capacity went from 80.6 to 81.1%.
2/26/10 Crude oil futures prices came down this week
along with many other commodity markets as the
strong US Dollar and more weak economic reports hurt
the markets. More concerns about Greece
destabilizing the rest of Europe has the bulls a bit
concerned as well. This winter is the coldest in 9
yeasrs which helped distillate prices but the recent
DOE report showed a 3 million barrel draw down.
2/12/10 Crude oil futures prices rallied a bit this
week as the idea that Europe will help Greece with
its financial problems weakened the US Dollar and
lent strength to many of the commodity markets
including crude oil. The DOE came out with its
estimate of average WTI oil prices and predicts
crude oil prices to average $81 a barrel for the
second have of 2010.
2/5/10 Crude oil futures prices sold off this week
along with most of the other commodity markets as
the recent strength in the US Dollar is expected to
diminish the demand for commodities and the recent
attempts by China to tighten monetary policy is also
hurting prices. The recent DOE report showed a build
in inventories of 2.3 million barrels and refining
rates of just 77.7%.
1/30/10 Crude oil futures prices came down again
this week as the strength in the US Dollar continues
along with the weakness in the stock markets. The
recent DOE report showed as drawdown of 3.9 million
barrels of inventory and the refinery use rate at
78.5%. Crude oil has been trading between roughly
$70 and $80 for months now.
1/22/10 Crude oil futures prices came down again
this week along with the rest of the commodity
markets as the US Dollar strengthened and the idea
that China is restraining its economy by raising
rates and increasing the amount of capital reserves
that banks must keep will diminish demand.
1/15/10 Crude oil futures prices are still near the
$80 dollar level. The recent DOE report showed
inventories up 3.7 million barrels and refinery use
79.9% to 81.3%. Crude oil option premiums are high.
1/8/10 Crude oil futures prices rallied above $82
this week as extreme cold temperatures throughout
the North East used up heating oil supplies. The
recent DOE report showed a build in inventories of
1.3 million barrels and refinery usage down to
79.9%.
1/1/10 Crude oil futures prices rallied almost $50
per barrel for the year and the recent tensions in
Iran are causing speculators to buy up quite a few
deep out of the money crude oil call options. The
recent DOE report showed inventories down 1.5
million barrels for the wee and refinery usage at
80.3%. Crude oil options premiums are high.
12/11/09 Crude oil futures prices fell by $6 a
barrel this week as the US Dollar continues to
strengthen and OPEC says it will leave production
quotas as is. Plenty of US inventories may cap any
sustained rallies in crude oil for now.
12/4/09 Crude oil futures prices sold off again
towards the end of the week as the US Dollar rose
dramatically and the most recent DOE report showed
an increase of 2.1 million barrels.
11/28/09 Crude oil futures prices sold off to the
low 70s this week as the idea that Dubai might
default on its sovereign debt spooked the stock and
commodity markets. The recent DOE report showed and
increase in crude oil supplies of 1 million barrels.
Crude oil options premiums are high.
11/20/09 Crude oil futures prices sold off from the
$80 level again this week as stocks weakened and the
US Dollar gained strength towards the end of the
week. The recent DOE report showed crude oil
inventories down 900,000 barrels from the week
before.
11/13/09 Crude oil futures prices are still hovering
near the $80 level this week as the US Dollar
continues to weaken. The DOE estimates that demand
for oil will go from 84.8 million barrels a day to
85.4 million barrels a day in 2010. The weekly DOE
report showed a build in crude oil inventories of
1.8 million barrels.
11/6/09 Crude oil futures prices rallied above $80
again this week only to have a massive sell off to
close out the week. The DOE report showed crude oil
inventories down 4 million barrels for the week and
the US Dollar continues to weaken.
10/24/09 Crude oil futures prices are at the 12
month highs above $81. The OPEC secretary general
believes that they will not increase production when
they meet in December.
10/12/09 Crude oil futures prices are back up near
$74 again as the US Dollar continues to fall near
its 12 month lows as rumors persist about some
countries replacing the US Dollar as a reserve
currency and fears of inflation are pressuring
prices higher. Some talk of OPEC members
denominating crude oil in something besides US
Dollars may also push prices. The recent DOE report
showed crude oil stocks down 1 million barrels and
the IEA recently increased its demand estimate for
crude oil by 200,000 barrels a day.
9/25/09 Crude oil futures prices sold off this week
as the DOE report showed a build in supplies of 2.8
million barrels. Crude oil prices hit their lowest
close in 9 weeks. The recent rally in the US Dollar
off of its yearly lows also pressured prices.
9/18/09 Crude oil futures prices are still hovering
around the $70 area. The weakening US Dollar and the
idea that the global economy is strengthening are
helping support crude prices.
9/11/09 Crude oil futures prices are around the $70
a barrel level as the OPEC meeting ended without any
changed to production quotas. There has been recent
strength in the energy sector as the US Dollar
continues to weaken to its lowest level of the year
versus the Eurocurrency. Crude oil option premiums
are high.
9/4/09 Crude oil futures prices have been selling
off in spite of the weakening US Dollar and the
recent DOE report which showed a 400,000 barrel drop
in weekly inventories. Crude oil option premiums are
high.
8/21/09 Crude oil futures prices hit an 8 week high
this week helped by a bullish DOE stocks report that
showed a drop in supplies of 8.4 million barrels
based on a drop in imports. Crude oil option
premiums are high.
8/7/09 Crude oil futures prices are backing off from
the highs based on the idea that there is plenty of
crude oil to go around and in spite of improving
economic data and the weakening US Dollar. Crude oil
option premiums are high.
7/31/09 Crude oil futures prices are running back up
again in spite of the recent DOE numbers showing a
5.1 million barrel increase in supplies. The recent
signs of an improving economy are also helping
prices. The largest refiner in the US (Valero)
showed a loss for last quarter. Crude oil
option premiums are high.
7/20/09 Crude oil futures prices are beginning to
run up again based on the recent strength in the
stock market and the DOE report showing a 2.8
million barrel drawdown in oil supplies, which is
the sixth straight week of draw downs. On the bear
side of the equation, no one knows how much oil in
in floating storage and the recent commerce
department report showed gasoline sales down 32%
from a year ago. Crude oil option premiums are high.
7/10/09 Crude oil futures prices sold off again as
the slow global economy looks to persist and the
strong US Dollar is not helping oil bulls either.
Political uncertainty in Nigeria and Iran to not
seem to be affecting the market very much. The most
recent DOE report showed a drawdown of 2.9 million
barrels. Crude oil option premiums are high.
7/4/09 Crude oil futures prices sold off late in the
week in spite of the terrorist problems in Nigeria
and the DOE estimate that supplies fell 3.7 million
barrels last week. Crude oil option premiums are
high.
6/21/09 Crude oil futures prices sold off sharply as
Nigerian militant attacks on shell oil pipelines is
offset by ideas that global demand may fall even
more. Crude oil option premiums are high.
6/5/09 Crude oil futures prices rallied to a 6 month
high as the weak US Dollar, improving economic news
around the world clashes with ample supplies. Crude
oil option premiums are high.
5/30/09 Crude oil futures prices rallied to the
highest level in 6 months. North Korea's recent
aggression, because of South Korea's insistence on
checking all North Korean ships, may turn into
conflict is pushing prices. Better economic
conditions around the world are also helping. Crude
oil option premiums are high.
5/22/09 Crude oil futures prices are near the highs
for the year as Nigerian militants attacked two
pipelines and a refinery fire in Pennsylvania helped
push prices higher. Crude oil option premiums are
high.
5/15/09 Crude oil futures prices are still up as the
better than expected housing date and jobless claims
reports are supporting the markets. This is
happening in spite the an 18 year high in US oil
stockpiles. The recent DOE report showed a drawdown
of 4.7 million barrels. Crude oil option premiums
are high.
5/8/09 Crude oil futures prices are rallying again
near the $60 level based on positive economic news
and the potential for a pick up in demand. The
recent DOE report showed an increase in supplies of
600,000 barrels. Crude oil option premiums are high.
4/30/09 Crude oil futures prices are still
consolidating sideways as the recent sell off was
stifled by the swine flu outbreaks potential to slow
the world economy. The recent DOE report showed
crude oil supplies up 4.1 million barrels last week.
Crude oil option premiums are high.
4/23/09 Crude oil futures prices are trading between
$45 and $50 dollars as of late. No more OPEC cuts
are expected at the next meeting and the global
recession continues. Crude oil option premiums are
high.
4/10/09 Crude oil futures prices are above $50 again
in spite of the DOE report showing an increase of
1.7 million barrels last week. Crude oil option
premiums are high.
3/27/09 Crude oil futures prices rallied to a 10
week high helped by the 5 day oil worker strike in
Brazil and in spite of massive supplies and a build
in the DOE numbers of 3.3 million barrels. Crude oil
option premiums are high.
3/20/09 Crude oil futures prices rallied $8 this
week as inflation may be coming soon as the
deflationary cycle that we have been in is the worst
since the Great Depression may be coming to an end.
The recent move by the Fed to print a trillion
dollars and then use them to buy treasuries
significantly weakened the US Dollar. Crude oil
option premiums are high.
3/13/09 Crude oil futures prices rallied this week
as talk of a 1 million barrel a day cut from the
OPEC members this weekend may actually happen. The
compliance rate for the members is estimated at
around 85% which is very good for the members. Crude
oil option premiums are high.
3/7/09 Crude oil futures prices rallied this week
based on strength in the distillate markets and
bullish DOE reports. Also helping push prices is the
March 15 OPEC meeting that will likely lead to more
cuts in production. Crude oil option premiums are
high.
2/27/09 Crude oil prices rallied this week based on
a strong drawdown in unleaded gasoline supplies. The
DOE estimated that RBOB supplies were down 3.4
million barrels last week and refinery usage was
down to 81.4%. Crude oil option premiums are high.
2/13/09 Crude oil futures prices sold off this week
to a 2 month low in spite of an estimated 66%
compliance by OPEC members to cut production and the
expectation that they will cut production again
after the March OPEC meeting. Crude oil option
premiums are high.
2/6/09 Crude oil futures prices are trading sideways
in a $15 range as poor demand number are being
offset by OPEC production cuts. The most recent DOE
report showed an increase of 7.2 million barrels.
Crude oil option premiums are high.
1/30/09 Crude oil futures prices seem to be basing
sideways between $33 and $50 per barrel. Bad
economic news around the globe is keeping any
rallies in check. The recent DOE report showed a
build in crude oil supplies of 6.2 million barrels.
Crude oil option premiums are high.
1/16/09 Crude oil futures prices are still selling
off as contango rules the markets right now as it is
more profitable to store crude oil to sell later
than sell it right now. The DOE said inventories
were up 1.2 million barrels last week and OPEC
estimates that demand for crude oil will drop to
85.66 million barrels a day in 2009. Crude oil
option premiums are high.
1/10/09 Crude oil futures prices sold off this week
in spite of the escalation of violence with Israel
and Palestine and the potential for another OPEC
production cut in February. Crude oil option
premiums are high.
12/27/08 Crude oil futures prices rallied off of its
lows in spite of demand destruction from the largest
users, US, Japan and China. The DOE report showed
supplies down 3.1 million barrels last week. Crude
oil option premiums are high.
12/19/08 Crude oil futures prices have made new lows
this week near $35 per barrel in spite of OPECs cut
of 2.2 million more barrels of production a day and
the weakening US Dollar. The DOE said that supplies
of crude oil were up 500,000 barrels last week.
Crude oil option premiums are high.
12/12/08 Crude oil futures prices rallied this week
with the rest of the commodity markets as the US
Dollar continues to fall from its highs. OPEC may
cut production again as crude oil prices are at a 5
year low. Crude oil option premiums are high.
12/5/08 Crude oil futures prices fell to near $40
this week as the OPEC cartel could not decide on
production cuts and the global economy is still
slowing. Crude oil option premiums are high.
11/30/08 Crude oil futures prices rallied this week
as OPEC speaks of $75 crude oil being a fair price
which hints to additional production cuts. Crude oil
option premiums are high.
11/21/08 Crude oil futures prices are below $50 a
barrel this week and many agencies are lowering
demand estimates for next year. The most recent DOE
report showed supplies up 1.6 million barrels. Crude
oil option premiums are high.
11/7/08 Crude oil futures prices are near the lows
this week after the sharp rise earlier based on
Venezuela calling for an additional production cut
by OPEC of 1 million barrels a day. The worldwide
recession perception is limiting rallies. Crude oil
option premiums are high.
11/1/08 Crude oil futures prices are still coming
down based on the outlook for weakening global
economy and the strong US Dollar. Crude oil prices
are at 17 month lows. The DOE estimated a 500,000
increase in crude barrels last week. Crude oil
option premiums are high.
10/24/08 Crude oil future prices are still coming
down in spite of the OPEC attempt to prop up prices
with another 1.5 million barrel a day production
cut. Fears of a global recession and the massive
deleveraging that is occurring in the stock and
commodity markets is pressuring prices. The large
repatriation of US Dollars back into the US is
causing the dollar to rise to 3 year highs. Crude
oil option premiums are high.
10/10/08 Crude oil futures prices are now in the
$70's and a 12 month low. The DOE revised their
forecast and said that global oil consumption would
decrease from 650,00 barrels a day to 300,000. The
DOE report showed an increase in supplies of 8.1
million barrels offsetting talk by OPEC to cut
production. Crude oil option premiums are high.
10/6/08 Crude oil futures are selling off and are
below $90. Fears of a global recession, the scramble
for liquidity and the strong US Dollar are hurting
crude oil prices. Crude oil option premiums are
high.
9/26/08 Crude oil futures are selling off from the
huge rally earlier in the week. The financial
bailout may weaken the US Dollar which may help
crude oil prices. The DOE report showed a drawdown
of 1.5 million barrels last week and gas demand
falling 3.5% from a year ago. Crude oil option
premiums are high.
9/19/08 Crude oil futures prices sold off to $90
this week as the global financial crisis is causing
a rush for liquidity and hurricane Ike only damaged
10 oil and gas platforms and closed Texas
refineries. Crude oil hit a 7 month low. Crude oil
option premiums are high.
9/12/08 Crude oil futures prices sold off for most
of the week only to rally some as Hurricane Ike
slams into Houston, TX. The OPEC meeting in Vienna
ended with the members cutting production by 520,000
a day blaming slowing demand and excessive supplies.
The DOE report showed a decrease of 6.5 million
barrels. Crude oil option premiums are high.
9/5/08 Crude oil futures prices sold off this week
as the Hurricane Gustav did not do any damage to the
platforms or refineries. 15% of the refinery
capacity was shut down because of the storm but the
high US Dollar and the slowing global economy have
pushed prices to a 5 month low. Crude oil option
premiums are high.
8/29/08 Crude oil futures prices rallied again this
week because Hurricane Gustav may hit land between
Texas and Louisiana which would shut down
potentially 3500 oil platforms. The DOE reported
that crude oil supplies were down 100,000 barrels
last week. Crude oil option premiums are high.
8/22/08 Crude oil futures prices rallied this week
based on the US Dollar selling off and in spite of
the unexpected build in DOE inventories of 9.4
million barrels. The tension between the US and
Russia is increasing and this bounce happened from 3
month lows. Crude oil option premiums are high.
8/15/08 Crude oil futures prices are still selling
off this week. This is occurring in spite of
Russia's invasion of Georgia and Turkish pipeline
terror attacks. The strong US Dollar and the
perception of a weakening global economy is weighing
on prices. The DOE report showed a drawdown in
supplies of 400,000 barrels. Crude oil option
premiums are high.
8/8/08 Crude oil futures prices have come down again
this week. The market is focused on demand
destruction especially in emerging markets caused by
high crude oil prices. Crude oil is down around 20%
from its earlier all time highs and has corrected by
at least 20% a dozen times in the last 9 years. Iran
said that they will continue pursuing nuclear
development. The DOE said supplies were up 1.7
million barrels this week. Crude oil option premiums
are high.
7/25/08 Crude oil futures prices have collapsed
again this week to near the $120 level based on
massive fund liquidation and the lack of damage
caused by hurricane Dolly. Crude oil fell in spite
of the drawdown reported by the DOE of 1.6 million
barrels during last week. Crude oil option premiums
are high.
7/18/08 Crude oil futures prices collapsed this week
by more than $15 a barrel. The expectation of slower
world demand because of the high prices was the
catalyst for the move and the DOE report showed a
larger than expected weekly build of 3 million
barrels last week. The Oil worker strike in Brazil
is not having an effect on oil prices. Crude oil
option premiums are high.
7/11/08 Crude oil futures prices rallied to another
high because of more militant attacks in Nigeria and
the potential war between Iran and Israel. Iran has
been testing its missile capabilities and there are
rumors of Israeli jets flying in Iran air space. The
DOE report showed a drawdown in crude oil supplies
of 5.9 million barrels last week. Crude oil option
premiums are high.
7/4/08 Crude oil futures prices rallied this week to
another new high as tensions between Israel and Iran
may be coming to a boiling point. Iran is the second
largest OPEC producer and nearly 20% of all of the
oil is transported through the Gulf of Hormuz. Crude
oil option premiums are very high.
6/27/08 Crude oil futures rallied to a new high as
tensions between Israel and Iran heat up and the
Federal Reserve Bank's inaction concerning interest
rates helped prices. The Saudis pledged to raise
production and Kuwait said they would increase by
next year. The DOE report showed a build in supplies
which is the first build in nearly 2 months. Crude
oil option premiums are very high.
6/20/08 Crude oil futures sold
off from all time highs this week as Saudi Arabia
may raise production levels and China raised its
fuel costs to Chinese consumers by 18%. The DOE
report this week showed a drop in crude oil supplies
of 1.2 million barrels. Crude oil option premiums
are high.
6/13/08 Crude oil futures
rallied to another all time high this week as Israel
issued a warning to Iran that they would attack
defensively if nuclear operations continued. A
potential strike in Nigeria between workers and
Chevron and the drawdown is the DOE supply report
this week is keeping prices high. The IEA said that
the world is consuming 86.8 million barrels of crude
oil a day. Crude oil options premiums are
ridiculously priced.
6/6/08 Crude oil futures prices
rallied to a new high this week based on predictions
of supply not keeping up with demand and peak oil.
Crude oil is also gaining strength based on more
middle east tensions. Crude oil option premiums are
ridiculous right now.
5/30/08 Crude oil futures prices
are below the all time high as the US Dollar
strengthens. News that Indonesia is leaving OPEC and
the DOE report that supplies were down 8.8 million
barrels this week did not prop up prices. Crude oil
option premiums are high.
5/23/08 Crude oil futures prices
hit another all time high this week over
$135/barrel. Estimates that supply has peaked versus
the inevitable increase in demand from China and
Asia has helped give this rally some legs. The DOE
reported that crude oil supplies were down 5.2
million barrels from the previous week. Crude oil
option premiums are very high.
5/15/08 Crude oil futures prices
hit another record high this week and corrected a
bit. The IEA reduced its estimate for the global
demand for crude oil because the record prices are
curbing demand. Heating oil futures are pulling up
the whole energy complex as Europe and Asia are
showing extremely large demand for the diesel and
heating oil. Iran is expected to decrease production
within the next month. Crude oil option premiums are
high.
5/9/08 Crude oil futures prices
hit a record high this week over $126 per barrel.
Nigerian violence, Iranian tensions and massive
global demand are boosting prices. OPEC talk
indicates that a increase in production might occur
if prices continue to stay above $110. The DOE said
that crude oil supplies were up 5.7 million barrels
this week and refining capacity fell from 85.4% to
85%. Crude oil option premiums are high.
5/1/08 Crude oil futures prices
fell from its record highs this week based on the
strong dollar and the cessation of the strike in
Scotland. The DOE also reported a build in
inventories of 3.8 million barrels and refining
capacity fell from 85.6% to 85.4%. Crude oil option
premiums are high.
4/25/08 Crude oil futures prices
spiked to another record high this week
based on the US Navy firing warning shots at 2
Iranian speed boats in the Straits of Hormuz. The DOE estimates for crude oil
inventories this week were up by 2.3 million barrels
and there was an
increase in refining capacity to 85.6% from 81.4%. Chinese demand
for oil in March was up 8% from a year ago. Crude
oil option premiums are high.
4/18/08 Crude oil futures prices
hit another all time history of mankind high this
week based on supply disruptions caused by Nigerian
militants and a 1 million barrel a day pipeline in
Tennessee going down for repairs this week. Three
Mexican oil terminals were also shut down because of
bad weather in the Gulf of Mexico. The DOE estimated
that crude oil supplies were down 2.3 million
barrels last week and refinery usage dropped from
83% to 81.4%. Crude oil option premiums are high.
4/11/08 Crude oil futures prices
rallied to a new all time high this week after a
surprise drawdown of 3.2 million barrels in the DOE
report. Also helping to raise prices was a refinery
fire in Finland that boosted heating oil futures and
dragged crude up with it. Crude oil option premiums
are high.
4/4/08 Crude oil futures prices
rallied off of its recent lows this week based on
more fighting in Iraq and the strength of unleaded
gas which had a huge drawdown this week. The DOE
report showed an increase of 7.4 million barrels of
crude oil last week and refinery use increased.
Crude oil option premiums are high.
3/28/08 Crude oil futures prices
rallied again this week after the OPEC president
said that crude oil prices will range from $80-110
in 2008. There was also pipeline damage in Iraq
after terrorists blew up portions of the pipeline.
Crude oil option premiums are very high.
3/21/08 Crude oil futures prices
kept falling this week as Wall Street hedge funds
and commodity funds liquidated futures positions to
cover margin calls in stocks and to pay back
borrowed money. The Bear Stearns issue took the
confidence from investors. The Fed's 75 basis point
cut surprised investors because a full 100 basis
point cut was expected. The Department of Energy
reported crude oil inventories were up 133,000
barrels on the week. Crude oil option premiums are
very high.
3/14/08 Crude oil futures prices
hit another all time history of man kind highs again
based on global demand and the crashing US Dollar.
Crude oil futures prices went over $110 a barrel
this week. In the US the DOE report showed another
increase in supplies of 6.2 million barrels and
prices still went up. At some point these prices
will slow demand and prices will come down. Crude
oil option premiums are very high.
3/7/08 Crude oil futures prices
rallied to a new all time high of $106 based on
OPEC's reluctance to increase output during the
typically soft second quarter of the demand season.
Builds in crude oil up 3.1 mm/bbl for the week did
not put the bears in charge. In the bull camp US
missile strikes in Somalia and UN putting more
sanctions on Iran may have added some potential
political tension premium in the market. Crude oil
option premiums are high.
2/29/08 Crude oil futures prices
rallied 12% this month to another all time high of
$102 per barrel based on inflation concerns and
global disruption concerns. Turkey invaded Northern
Iraq. Iran threatened any country that imposes more
sanctions on them would deal with consequences.
There was a militant attack on oil production
facilities in Nigeria. The DOE report showed a large
build in weekly supplies of 3.2 million barrels.
Crude oil option premiums are ridiculous right now.
2/22/08 Crude oil futures prices
rallied to an all time high this week based on
OPEC's decision to not raise production and maybe
cutting production if oil goes below $85 by the
March 5 meeting. The explosion in the Big Spring,
Texas refinery also buoyed crude oil futures prices
this week. That refinery produces around 70,000
barrels a day. Crude oil option premiums are very
high.
2/15/08 Crude oil futures prices
rallied this week based on Hugo Chavez warning that
he wouldn't sell crude oil to the US because of the
Exxon suit. The DOE report showed a build in
supplies that was less than analyst expectations.
This is usually when refiners begin to shift from
heating oil to unleaded gas for the driving demand
season in the Spring and Summer. Crude oil option
premiums are high.
2/8/08 Crude oil futures prices
are trading between $87 and $95 recently. This time
of year is typically soft for energy prices and
stockpiles had an unexpected build of 7 million
barrels this week. Recession fears are also limiting
any runs to the upside. A recession may mean less
people taking a vacation this year and less demand
for unleaded gas. Crude oil option premiums are
high.
2/1/08 Crude oil futures prices
sold off from its all time high of $ 100 to $90. Some
market analyst believe that the world will see
daily demand exceed daily output for the first time
in history and crude oil
futures prices may set new highs. The 1980 crude oil
futures price spike, when factoring in inflation, would
equate to about $102 crude oil futures prices in today's prices.
Crude oil options volatility premium is very high
currently. Crude oil option premiums are high.
-T & K Futures and Options Inc. |
