Oil traded down to the 90 handle before bouncing a bit as we head into what will be a historic week in energy. We will see the first oil in the gulf from the reversal of the Seaway Pipeline, a watershed event that is symbolic of the changing energy dynamic here and around the globe. As the US and Canada take advantage of new technologies, North America will now be an exporter to the new emerging markets.
At the same time a showdown with Iran looms. A visit by weapon inspectors to Iran is raising hopes that perhaps sanctions will force Iran into better behavior.
In the meantime oil supply in the US most likely rose again. Supply, already at a 22-year high, will rise as Canadian and domestic production will increase supply again at Cushing, Oklahoma. Look for crude to rise by 2.0 million barrels. Gas could increase by 2 million barrels and distillates will fall by 1.0 million barrels. Runs will increase by 1.5%.
Make sure you are getting the Power to Prosper and me every day! Tune to the Fox Business Network! Also make sure you are getting my Daily Trades Levels! Just call me - Phil Flynn - at 800-935-6487 or email me at email@example.com.
806 W. Washington Blvd.
Chicago, IL 60634
312 563-8344 / 800 935 6487
There is a substantial risk of loss in trading futures and options.Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.