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Monday, November 26, 2012, 11:39 AM Brent crude is poised to overtake West Texas as the world’s most-traded commodity for the first year ever, as daily trading in Brent jumps 14% Y/Y to average 567K contracts YTD while WTI falls 17% to 575K. Brent is gaining favor among traders due to its role as the benchmark for prices from Saudi Arabia to Russia; as the U.S. struggles to clear the glut at Cushing, WTI grows less connected to the global market. Comment! [Energy, Global & FX]
Wednesday, November 21, 2012, 12:04 PM Israel and Hamas have agreed to a cease-fire, reports Reuters, citing a Palestinian official. Higher earlier amidst a Tel Aviv bus bombing, oil goes red for the session. USO -0.7%. 1 Comment [Global & FX, Breaking News, Commodities]
Tuesday, November 13, 2012, 5:14 AM The IEA cuts its outlook for global Q4 oil demand by 290K bpd to 90.1M bpd, due to "persistent weakness" in Europe and the effect of Hurricane Sandy, which chopped U.S. consumption by 230K bpd in October. In its monthly report, the agency also lowers its 2013 growth forecast by 100K bpd to 830K bpd, which would take total consumption to 90.4M bpd. 2 Comments [Energy, Global & FX]
Tuesday, November 13, 2012, 5:06 AM Iranian oil output rises by 70K bpd to 2.7M bpd in October following seven months of declines, while exports spike to 1.3M bpd from 1M in September, the IEA estimates. The increased sales were mainly to China and South Korea, and may have brought Iran an extra $900M in revenue, Reuters calculates. The IEA also reckons Iranian crude held in floating storage halved to 13M barrels from 25M-30M barrels in April. 1 Comment [Energy, Global & FX]
Monday, November 12, 2012, 6:31 AM Iraq believes it can boost oil production to 9M bpd by 2018 from 3.25M bpd currently and even exceed 12M bpd, Oil Minister Abdul Kareem Luaiby says. Luaiby reckons reaching that capacity would require investment of $130B-$150B, which "could be shouldered by the foreign companies developing our fields." Comment! [Energy]
Friday, November 9, 2012, 9:35 AM News that Iranian warplanes fired on an unmanned U.S. drone in international airspace is a reminder of how quickly underlying tensions could turn into conflict. So much of the world’s oil either comes from or passes through the region that the prospect of war could cause serious jitters in world oil markets, but economic concerns still rule for now: Brent futures -0.4% to $106.81, WTI -0.3% to $84.81. 3 Comments [Global & FX, Energy]
Wednesday, November 7, 2012, 3:05 PM Crude oil futures settle at their lowest since July 10, influenced by strong increases in U.S. supplies of crude and gasoline. "Consumption of gasoline is down by over half a million barrels a day due to Sandy. Nothing Obama does will impact crude in the short term." But traders surely are keeping a nervous eye on a potential fiscal cliff. WTI crude -4.8% to $84.45, Brent crude -3.9% to $106.72. Comment! [Energy, Commodities]
Wednesday, November 7, 2012, 10:49 AM A change to the weightings in the widely tracked S&P GSCI commodity index could lead to a further widening of the Brent-WTI spread that is already running at very high levels. The disconnection between the two contracts, and their susceptibility to localized supply-and-demand issues, could force traders to start looking around for a new benchmark against which to price oil. 2 Comments [Energy, Commodities]
Friday, November 2, 2012, 2:15 PM Energy futures are broadly lower after the Department of Homeland Security waives the Jones Act in a move to allow additional foreign-flagged tankers from the Gulf of Mexico to enter northeastern ports after Hurricane Sandy shut two New Jersey refineries. WTI crude -2.3% to $85.04, natural gas -4.1%, gasoline -2.4%, heating oil -2.5%. Comment! [Energy, Commodities]
Tuesday, October 30, 2012, 5:55 PM Pump prices continue to fall, now $0.11 lower than a week ago, as the Sandy dynamic now favors lower prices. Gasoline futures fell ~1% today to reverse yesterday's gains, on concerns about lower energy consumption and the belief that east coast refineries emerged from the storm without much damage. Crude futures edged higher, reflecting higher demand for oil in the Midwest and Gulf Coast. 2 Comments [Energy, Consumer]
Tuesday, October 30, 2012, 8:11 AM Fuel supplies to the northeastern U.S. should recover quickly in the aftermath of Hurricane Sandy, according to BP CEO Bob Dudley: "It has disrupted logistics, but there is an efficient infrastructure... It will bounce back quickly... I don't think [the disruption] will be long-lasting." BP has no refineries in the region but it operates supply infrastructure there. Comment! [Energy]
Monday, October 29, 2012, 5:17 PM Colonial Pipeline, the largest U.S. oil products pipeline that connects the east coast to Gulf refiners, is set to close its main line up to Philadelphia and NYC by 7:00 tonight, halting delivery of up to 15% of the region's fuel demand. Nearly 70% of area refinery capacity is now shut or shutting; the remainder have been brought to their minimum safe operating levels. Comment! [Energy, U.S. Economy]
Monday, October 29, 2012, 2:56 PM It looks like most east coast refineries will continue to operate during the hurricane, and there are no signs that the Colonial pipeline, which brings gasoline to the area, would have to shut down. “We’re going to lose far more demand than refining supply... right now the Philadelphia area refineries are certainly attempting to run through the storm," an oil expert says. Dec. crude -0.9% to $85.54. Comment! [Commodities, U.S. Economy]
Monday, October 29, 2012, 10:21 AM The hurricane likely will cause oil and gas prices to drop, as drivers avoid roads and air and rail traffic shrivel, depressing regional fuel demand more than supply, John Kemp writes. The net result should be bearish for crude and product prices in coming days, provided there is no serious and sustained damage to east coast refineries. 1 Comment [Energy, U.S. Economy]
Thursday, October 25, 2012, 10:27 AM Only a few months ago, traders and investors were fretting about a shortage of crude oil. Now, many are worried there may be too much crude at a time when economic reality is causing demand to contract, sending crude prices dropping fast. But skeptics note that there still aren't enough pipelines to bring all the increased production to refineries along the coast, limiting the impact of rising supplies. 3 Comments [Energy, U.S. Economy]
Wednesday, October 24, 2012, 3:09 PM Could crude oil slide to $80/bbl? West Texas crude futures finish with a fifth straight loss, -1.1% to $85.73, pressured by a climb in U.S. supplies and continued concerns about weak global demand. Following the Fed decision to make no changes to its easy policy stance, the "conclusion is interest rates will continue to remain low for the foreseeable future," a Tyche Capital analyst says. 3 Comments [Energy, Commodities, U.S. Economy]

OLO PowerShares DB Crude Oil Long ETN

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PowerShares DB Crude Oil Long ETN