Now that the weather forecast has changed to predict warmer weather, the prices have come down quite significantly.
The hurricanes which battered the U.S Gulf Coast did not have the impact on the labor market as was earlier expected.
The reason for the rise is the increase in the geo-political risk premium because of the situation in Iran.
The seasonal effect of cold weather, stronger demand for heating oil, will pull higher the whole energy complex higher.
The report was a big surprise. Crude oil seems very ample.
Right now the market supply for oil is tight.
The period of forecasted warm weather in the United States has been extended to the first four weeks of the new year. This has driven the price of all energy commodities down.
This being the last day of the week I expected prices to come down on profit-taking.
Slower U.S. growth may reduce growth in oil demand in the second half of the year. We are seeing proof of reduced U.S. consumer confidence.
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