Commentary by Eric Wilder – The EIA released its latest information today on energy commodities and the news was bleak.  Crude oil in storage declined 4.2 million barrels and the governmental agency reported that U.S. production is now below 5 million barrels of oil per day with 564,000 barrels still shut-in because of hurricane damage.

The Agency predicted that refinery stocks will continue to decline.  This is because the combination of imported oil and U.S. produced oil doesn’t equal the daily amount that the refineries are using to produce gasoline, heating oil and other products.

The U.S. has enough oil in storage to get it through the winter unless the weather becomes more seasonal (colder).  What do weather forecasters think?  In a year that recently saw three of the strongest hurricanes ever recorded, no one is going too far out on a limb.  Meanwhile, crude oil prices are holding steady on the New York Mercantile Exchange but with today’s bleak forecast, expect the trend to soon move upward.

http://www.ericwilder.com   http://justeastofeden.blogharbor.com

 

Commentary by Eric Wilder – Crude oil prices on the New York Mercantile Exchange dropped $1.61 following the long Thanksgiving holiday during which the markets were idle.  This is a normal occurrence as the entire commodity market is generally down.

News affecting the crude oil market is mixed.  After a spate of freezing weather in the northeast U.S., the largest heating oil market in the world, some weather forecasters are predicting warmer weather next week.  This falls on the heels of last week’s government report that supplies are presently adequate for the demand.

http://www.ericwilder.com   http://justeastofeden.blogharbor.com   http://ericwilder.blogspot.com   http://ghostofachance.blogspot.com

Commentary by Eric Wilder  – Crude oil prices on the New York Mercantile rose for the second straight day on news of a major winter storm approaching the northeast.  This year’s weather has contributed greatly to market confusion.  Because of Hurricane Katrina and Rita, supplies were decreased and refinery output was reduced.  The resultant higher prices also caused diminished demand.  The end result is market confusion.

While the U.S. appears to have ample supplies of oil and natural gas to get us through a normal winter, traders are nervous because this year’s weather has been anything but normal.  Until the weather stabilizes, confusion and chaotic prices will remain the norm.  Crude oil and natural gas prices will continue to be forecast by your local weather man, along with temperature and barometric pressure.  And who trusts the weather man?http://www.ericwilder.com   http://ericwilder.blogspot.com   http://justeastofeden.blogharbor.com   http://ghostofachance.blogspot.com

Commentary by Eric Wilder – Crude oil prices are up today, rising to $57.90 per barrel by noon on the New York Mercantile Exchange.  The price increase reflects the current lack of knowledge concerning how much oil the country will need to get it through the winter heating season.

Some factions believe that the U.S. has ample supplies of crude oil in storage.  Others aren’t sure and thus the fluctuation in prices.  One trader noted that we just don’t yet know where the bottom is.

One thing seems sure.  There is a major winter storm predicted to affect the northeast by mid-week.  Because of the approaching storm traders are, at least for the moment, hedging their bets about the basement price of crude oil.  http://www.ericwilder.com  http://ericwilder.blogspot.com  http://ghostofachance.blogspot.com  http://justeastofeden.blogharbor.com

I've been away from the computer for a few days.  When I returned I learned that modblog.com, the blog site that hosted Energy Issues, was once again disabled for several days for unknown causes.  For better continuity I decided to switch providers to blogharbor.com.  I hope my loyal readers will pardon the confusion and continue to read my sometimes offbeat opinions about energy flavored with an occasional bit of oil history.  Thanks for your patience.  Eric Wilder  http://www.ericwilder.com  http://ericwilder.blogspot.com  http://justeastofeden.blogharbor.com  http://ghostofachance.blogspot.com

FROG LEVEL, RODESSA, LOUISIANA  stay tuned for the story

Hello everybody.  I'm moving Energy Issues from Modblog.com to this new residence.  I hope all my readers will continue to follow the blog at this location.  Many thanks, Eric Wilder

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