asr: so 3 days before 25 that is 22 nd, if 25 is holiday then one day before that is 21 , so it is correct for OCTOBER contract which expired on SEPT 21.
Last Trading Day
Crude Oil Futures: Trading terminates at the close of business on the third business day prior to the 25th calendar day of the month proceeding the delivery month. If the 25th calendar day of the month is a non-business day, crude oil futures trading shall cease on the third business day prior to the last business day proceeding the 25th calendar day
Crude Oil Futures: Trading terminates at the close of business on the third business day prior to the 25th calendar day of the month proceeding the delivery month. If the 25th calendar day of the month is a non-business day, crude oil futures trading shall cease on the third business day prior to the last business day proceeding the 25th calendar day
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http://www.tkfutures.com/crude_oil_futures_crude_oil_options.htm
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.
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