Oil prices completed their break from the dollar and equities – when those two influences are bearish – and they proved to us that they want to advance regardless of bearish influences. Gasoline prices were very strong yesterday, and they led the oil complex higher. Crude finished above $85 and came within a few points of $86.00 during the session. [More]

Oil prices were slightly lower on Friday, after having had a strong day higher on Wednesday. The interesting thing about Friday’s session was that equities were down substantially (the DJIA was down 95.28 to 11,092.00) and the euro was down dramatically as well (more than a cent in terms of dollars). Neither of these big losses seemed to have much impact on oil prices. [More]

The oil complex was mildly lower again on Monday, with gasoline prices leading the way lower. Gasoline had been gaining on both heating oil and crude oil in recent weeks, and the gains were very premature for anything seasonal. It seems that the counter-seasonality of the strength there finally caught up with the market on Monday. [More]

The oil complex was slightly lower on Friday, with traders and investors locking onto Chinese monetary tightening as the biggest single factor. Thursday’s activity had centered on Ireland and the likelihood of steps being taken (by the EU) to bring its debt back from the brink. [More]

Oil prices rebounded sharply on Thursday in a session that started and ended with gains. Prices were higher in early trading based on a weaker US dollar (and stronger euro as a result) and on significantly higher equities quotes. The DJIA bounced back on Thursday with a gain of 173.35 points, which left the index at 11,181.23. [More]

Oil prices were steeply lower in crude oil and heating oil and were down substantially in deferred months of gasoline. December, the expiring contract of gasoline, was up fractionally on Wednesday. This was an odd arrangement, and it happened despite a weaker US dollar. [More]

Oil prices were significantly lower on Tuesday as a tidal wave of asset liquidation hit the markets. It started with a stronger US dollar, which poured cold water on commodities, and it spread into equities, which were down substantially on Tuesday. [More]

Crude oil prices ended mixed, with the first two months lower and the deferred months higher. Heating oil prices were higher and gasoline prices were lower. Traders and investors were trying to figure out which factors were important to the oil markets, even as those “leader” markets or “bellwethers” struggled to figure out what factors would make them rise and fall. [More]

We should almost start handicapping this market by starting each week with a number of unlikely scenarios, and examine their most likely responses, followed by a comparison with that week’s most likely scenarios, with an analysis of their least likely responses or reactions. We should then mix these together and construct an imaginary committee’s most implausible combination, from which we would choose the least desirable from both bullish and bearish perspectives. [More]

Oil prices were mixed on Thursday as traders took a brief time-out from pushing quotes higher after crude oil and gasoline joined heating oil with decisive technical breakouts to the upside. All three major oil contracts are in clear trends higher, with or without help from currencies or equities. [More]