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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.
-T & K Futures and Options Inc. |
