The Energy Report Tuesday March 16, 2010

By Phil Flynn
16 March 2010 @ 09:20 am EDT

When your down and troubled and you need a helping hand and nothing oh nothing is going right. Just close your eyes and think of Ben and soon he will be there to brighten even your darkest night. You've got a friend! The Fed has been the oil bull best friend but is that friendship going to start to become a little strained. With a better than expected jobs report and dissension within the committee the possibility of laying the groundwork for change is in the language in the much debated Fed Statement is rising. Let's face it oil has been dependant on Fed policy and for all intents and purposes it has been a one sided relationship. Now with the Fed feeling pressure to change the language about rates staying low for an extended period oil bulls may have their dreams of $85 or $90 dollar barrel oil squashed despite the illusion of their peak oil fantasies. Oh yes there are some that are betting on a change in the language even though the majority think things will not change but any hint of a softening in Fed resolve will be a big blow to oil bulls.

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