CL Redux
- Thread starter schizo
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Well done, Prince Myshkin! 
Oil futures waffle after Bernanke testimony
Natural gas sinks following bigger-than-expected U.S. supply buildup
http://www.marketwatch.com/story/oi...uts-rates-2012-06-07?link=MW_home_latest_news
1/ Oil pared gains after Bernanke said the Fed would be ready to protect the economy should it start tanking but did not specifically note any easing plans for the summer. Read more on Bernanke.
2/ âIt looks like Bernankeâs speech has taken the gusto out of the earlier rally caused by the China interest rate cut,â said Matt Smith, an analyst with Summit Energy, in emailed comments. âThe lack of any direct reference to further intervention into markets has seen the goodwill of the gains reversed from earlier.â
Concerns over global oil demand also threw cold water on the commodityâs earlier rally.
3/ âOvershadowing the oil market on a global scale is the perception that right now, world-wide we have more oil available than is needed,â said Charles Perry, chief executive officer at energy consulting firm Perry Management. âSo these price movements are probably just ups and downs in an overall distressed market.â
4/ Earlier in the day, the Peopleâs Bank of China caught financial markets off guard and cut benchmark lending and deposit rates by a quarter of a percentage point, with the move set to take effect Friday. Read more on the China rate cut.
5/ Crude prices found support after news of the rate cut in the No. 2 global economy, but the size of the gain came as a bit disappointing, said Tom Essaye, editor of the 7:00âs Report, a daily commentary on equity and commodity markets and the economy.
âThe fundamentals in crude remain somewhat bearish
a) â a slowing global (and domestic) economy,
b) a well-supplied market, and
c) a reduction in geopolitical risk premiums,â he said.
âWeâve seen a decent bound in crude over the past few days, but it looks to be running out of steam here.â
Natural gas sinks following bigger-than-expected U.S. supply buildup
http://www.marketwatch.com/story/oi...uts-rates-2012-06-07?link=MW_home_latest_news
1/ Oil pared gains after Bernanke said the Fed would be ready to protect the economy should it start tanking but did not specifically note any easing plans for the summer. Read more on Bernanke.
2/ âIt looks like Bernankeâs speech has taken the gusto out of the earlier rally caused by the China interest rate cut,â said Matt Smith, an analyst with Summit Energy, in emailed comments. âThe lack of any direct reference to further intervention into markets has seen the goodwill of the gains reversed from earlier.â
Concerns over global oil demand also threw cold water on the commodityâs earlier rally.
3/ âOvershadowing the oil market on a global scale is the perception that right now, world-wide we have more oil available than is needed,â said Charles Perry, chief executive officer at energy consulting firm Perry Management. âSo these price movements are probably just ups and downs in an overall distressed market.â
4/ Earlier in the day, the Peopleâs Bank of China caught financial markets off guard and cut benchmark lending and deposit rates by a quarter of a percentage point, with the move set to take effect Friday. Read more on the China rate cut.
5/ Crude prices found support after news of the rate cut in the No. 2 global economy, but the size of the gain came as a bit disappointing, said Tom Essaye, editor of the 7:00âs Report, a daily commentary on equity and commodity markets and the economy.
âThe fundamentals in crude remain somewhat bearish
a) â a slowing global (and domestic) economy,
b) a well-supplied market, and
c) a reduction in geopolitical risk premiums,â he said.
âWeâve seen a decent bound in crude over the past few days, but it looks to be running out of steam here.â