CL Redux
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Oil Prices Fall as U.S. Weighs Talks With Iran
http://online.wsj.com/article/SB10001424127887323308504579084483447997164.html
1/ Both the U.S. and European contracts couldn't sustain the momentum from Wednesday after <b> Iranian President Hasan Rouhani told NBC News the country wouldn't seek any weapons of mass destruction, including nuclear weapons. </b>
2/ <b>The comments come as the Obama administration plans to meet with the Iranian government next week </b>over its nuclear ambitions, with the possibility of a direct exchange between President Barack Obama and Mr. Rouhani at the United Nations reportedly under consideration.
3/ The development has some investors wondering if the talks could eventually lead to the lifting of tough sanctions against Iran, which have sharply reduced the country's oil exports in recent years. Iran produced 3.5 million barrels of total liquids in 2012, of which 3 million barrels were crude. The total production number was down 17% from 4.2 million barrels a year earlier, due mainly to sanctions, according to the Energy Information Administration.
"I think the rally generated from the Federal Reserve decision is going to dissipate when you have comments like that from the Iranian president crossing the wire," said John Kilduff, founding partner of Again Capital in New York.
4/ "It's a very bearish development for crude prices," he said.
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<b>Oil Falls on Sluggish U.S. Employment Growth, Iran Talks</b>
http://www.bloomberg.com/news/2012-...s-sluggish-employment-growth-iran-nuclea.html
NEW YORK, Aug 6 (Reuters) - Oil fell around $1 a barrel on Tuesday as Iran's new president signalled willingness to negotiate with the West over Tehran's disputed nuclear program and as U.S. gasoline prices slid after a sell-off in ethanol credits.
Iran's newly elected President Hassan Rouhani said he was ready to enter "serious and substantive" negotiations, reducing the geopolitical risk premium for oil prices.
A spokeswoman for the U.S. State Department said Rouhani's inauguration presented "an opportunity," but that the United States wants to see Iran take "credible steps" toward the solution of the conflict.
The price of U.S. gasoline fell 1.25 percent, dragged down by a sell-off in the ethanol credits U.S. refiners must purchase to comply with environmental regulations.
http://online.wsj.com/article/SB10001424127887323308504579084483447997164.html
1/ Both the U.S. and European contracts couldn't sustain the momentum from Wednesday after <b> Iranian President Hasan Rouhani told NBC News the country wouldn't seek any weapons of mass destruction, including nuclear weapons. </b>
2/ <b>The comments come as the Obama administration plans to meet with the Iranian government next week </b>over its nuclear ambitions, with the possibility of a direct exchange between President Barack Obama and Mr. Rouhani at the United Nations reportedly under consideration.
3/ The development has some investors wondering if the talks could eventually lead to the lifting of tough sanctions against Iran, which have sharply reduced the country's oil exports in recent years. Iran produced 3.5 million barrels of total liquids in 2012, of which 3 million barrels were crude. The total production number was down 17% from 4.2 million barrels a year earlier, due mainly to sanctions, according to the Energy Information Administration.
"I think the rally generated from the Federal Reserve decision is going to dissipate when you have comments like that from the Iranian president crossing the wire," said John Kilduff, founding partner of Again Capital in New York.
4/ "It's a very bearish development for crude prices," he said.
----
<b>Oil Falls on Sluggish U.S. Employment Growth, Iran Talks</b>
http://www.bloomberg.com/news/2012-...s-sluggish-employment-growth-iran-nuclea.html
NEW YORK, Aug 6 (Reuters) - Oil fell around $1 a barrel on Tuesday as Iran's new president signalled willingness to negotiate with the West over Tehran's disputed nuclear program and as U.S. gasoline prices slid after a sell-off in ethanol credits.
Iran's newly elected President Hassan Rouhani said he was ready to enter "serious and substantive" negotiations, reducing the geopolitical risk premium for oil prices.
A spokeswoman for the U.S. State Department said Rouhani's inauguration presented "an opportunity," but that the United States wants to see Iran take "credible steps" toward the solution of the conflict.
The price of U.S. gasoline fell 1.25 percent, dragged down by a sell-off in the ethanol credits U.S. refiners must purchase to comply with environmental regulations.
President Rouhani says Iran won't develop nuclear weapons
http://www.cnn.com/2013/09/18/world/meast/iran-president-nuclear/index.html?hpt=wo_c2
(CNN) -- Iranian President Hassan Rouhani vowed Wednesday that his country will never develop nuclear weapons, telling NBC News that he is open to diplomatically resolving issues surrounding his country's controversial nuclear program.
- "We have never pursued or sought a nuclear bomb and we are not going to do so," Rouhani said.
- Later, he added, "We have time and again said that, under no circumstances, would we seek any weapons of mass destruction, including nuclear weapons. Nor will we ever."
- In an interview with NBC's Ann Curry, Rouhani said that -- even with Supreme Leader Ayatollah Ali Khamenei, a looming presence in Iranian society -- he has "full power and has complete authority" to make a deal with others on nuclear matters.
- Yet Rouhani appeared relatively optimistic Wednesday. He spoke about getting a letter from U.S. President Barack Obama after his recent election and inauguration, saying the U.S. president congratulated him and raised certain issues. Rouhani said he wrote back offering Iran's viewpoint, describing the tone of the exchange as "positive and constructive."
"It could be subtle and tiny steps for a very important future," the Iranian leader told NBC, accord
http://www.cnn.com/2013/09/18/world/meast/iran-president-nuclear/index.html?hpt=wo_c2
(CNN) -- Iranian President Hassan Rouhani vowed Wednesday that his country will never develop nuclear weapons, telling NBC News that he is open to diplomatically resolving issues surrounding his country's controversial nuclear program.
- "We have never pursued or sought a nuclear bomb and we are not going to do so," Rouhani said.
- Later, he added, "We have time and again said that, under no circumstances, would we seek any weapons of mass destruction, including nuclear weapons. Nor will we ever."
- In an interview with NBC's Ann Curry, Rouhani said that -- even with Supreme Leader Ayatollah Ali Khamenei, a looming presence in Iranian society -- he has "full power and has complete authority" to make a deal with others on nuclear matters.
- Yet Rouhani appeared relatively optimistic Wednesday. He spoke about getting a letter from U.S. President Barack Obama after his recent election and inauguration, saying the U.S. president congratulated him and raised certain issues. Rouhani said he wrote back offering Iran's viewpoint, describing the tone of the exchange as "positive and constructive."
"It could be subtle and tiny steps for a very important future," the Iranian leader told NBC, accord
http://online.wsj.com/article/SB10001424127887323308504579084483447997164.html
1/ "The market got drunk with ignorance last night and sobered up today and realized that diminished economic growth isn't bullish for oil," said Stephen Schork, editor of The Schork Report, an energy newsletter.
2/ Sanctions from the United Nations, U.S. and other governing bodies has sharply reduced Iran's oil exports in recent years. The country produced 3.5 million barrels of total liquids in 2012, of which 3 million barrels were crude. The total production number was down 17% from 4.2 million barrels a year earlier, due mainly to sanctions, according to the Energy Information Administration.
John Kilduff, founding partner of Again Capital in New York, said diplomatic talks with Iran is a "very bearish development for crude prices."
3 / Another factor pressuring oil futures Thursday was the news that Libya continues to experience a rebound in its crude production following labor disputes that closed several oil export terminals. Bloomberg News reported the country's production will ramp up to 700,000 to 800,000 barrels a day. That level is closer to Libya's normal output of 1.4 million barrels a day and well above the 150,000-barrel a day output it had reported recently.
1/ "The market got drunk with ignorance last night and sobered up today and realized that diminished economic growth isn't bullish for oil," said Stephen Schork, editor of The Schork Report, an energy newsletter.
2/ Sanctions from the United Nations, U.S. and other governing bodies has sharply reduced Iran's oil exports in recent years. The country produced 3.5 million barrels of total liquids in 2012, of which 3 million barrels were crude. The total production number was down 17% from 4.2 million barrels a year earlier, due mainly to sanctions, according to the Energy Information Administration.
John Kilduff, founding partner of Again Capital in New York, said diplomatic talks with Iran is a "very bearish development for crude prices."
3 / Another factor pressuring oil futures Thursday was the news that Libya continues to experience a rebound in its crude production following labor disputes that closed several oil export terminals. Bloomberg News reported the country's production will ramp up to 700,000 to 800,000 barrels a day. That level is closer to Libya's normal output of 1.4 million barrels a day and well above the 150,000-barrel a day output it had reported recently.
Looks like 'they' want to tank the market into October
http://www.zerohedge.com/news/2013-09-19/peter-schiff-taper-wasnt
The Fed's failure yesterday to announce some sort of tapering of its QE program, despite the consensus of an overwhelming percentage of economists who expected action, once again reveals the degree to which mainstream analysts have overestimated the strength of our current economy. The Fed understands, as the market seems not to, that the current "recovery" could not survive without continuation of massive monetary stimulus. Mainstream economists have mistaken the symptoms of the Fed's monetary expansion, most notably rising stock and real estate prices, as signs of real and sustainable growth. But the current asset price bubbles have nothing to do with the real economy. To the contrary, they are setting up for a painful correction that will likely be worse than the one we experienced five years ago.
Given the strong anticipation for a taper announcement, today's relief rally should come as no surprise. However, the Fed's inaction should be perceived by many as an admission that the economy is fundamentally weak. Once that possibility takes hold, today's euphoria is likely to dissipate. Perhaps the Fed's inaction may cause many to wonder if the economy is not as strong as they believed. This could ultimately lead to an even bigger sell off than what we would have seen today if the Fed had come through with a taper announcement. ......
http://www.zerohedge.com/news/2013-09-19/peter-schiff-taper-wasnt
The Fed's failure yesterday to announce some sort of tapering of its QE program, despite the consensus of an overwhelming percentage of economists who expected action, once again reveals the degree to which mainstream analysts have overestimated the strength of our current economy. The Fed understands, as the market seems not to, that the current "recovery" could not survive without continuation of massive monetary stimulus. Mainstream economists have mistaken the symptoms of the Fed's monetary expansion, most notably rising stock and real estate prices, as signs of real and sustainable growth. But the current asset price bubbles have nothing to do with the real economy. To the contrary, they are setting up for a painful correction that will likely be worse than the one we experienced five years ago.
Given the strong anticipation for a taper announcement, today's relief rally should come as no surprise. However, the Fed's inaction should be perceived by many as an admission that the economy is fundamentally weak. Once that possibility takes hold, today's euphoria is likely to dissipate. Perhaps the Fed's inaction may cause many to wonder if the economy is not as strong as they believed. This could ultimately lead to an even bigger sell off than what we would have seen today if the Fed had come through with a taper announcement. ......
One of my better calls.http://www.platts.com/latest-news/o...tocks-flat-last-week-amid-lower-runs-21600969
1/ US commercial crude stocks remained largely flat last week, dropping 54,000 barrels to 359.19 million barrels, American Petroleum Institute data showed Tuesday.
The draw in crude stocks was well below the 1.5 million-barrel draw for the week ended September 20 forecast by analysts Monday
2/ Total US gasoline stocks rose 341,000 barrels to 217.86 million barrels as USGC stocks rose 1.71 million barrels. Analysts had been expecting US gasoline stocks to fall 1.5 million barrels.
1/ US commercial crude stocks remained largely flat last week, dropping 54,000 barrels to 359.19 million barrels, American Petroleum Institute data showed Tuesday.
The draw in crude stocks was well below the 1.5 million-barrel draw for the week ended September 20 forecast by analysts Monday
2/ Total US gasoline stocks rose 341,000 barrels to 217.86 million barrels as USGC stocks rose 1.71 million barrels. Analysts had been expecting US gasoline stocks to fall 1.5 million barrels.