• 5 minutes Mike Shellman's musings on "Cartoon of the Week"
  • 11 minutes Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 1 day The Discount Airline Model Is Coming for Europe’s Railways
  • 5 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 13 hours Pakistan: "Heart" Of Terrorism and Global Threat
  • 1 min Saudi Fund Wants to Take Tesla Private?
  • 2 days Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 51 mins Renewable Energy Could "Effectively Be Free" by 2030
  • 9 hours Starvation, horror in Venezuela
  • 18 hours Venezuela set to raise gasoline prices to international levels.
  • 2 days Batteries Could Be a Small Dotcom-Style Bubble
  • 12 hours Are Trump's steel tariffs working? Seems they are!
  • 1 day Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 2 days France Will Close All Coal Fired Power Stations By 2021
  • 2 days Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
Alt Text

Green Bonds Are A Huge Boost For Renewables

The growing popularity of ‘green…

Alt Text

World Bank To Cut Off Oil & Gas Funding

In accordance with the Paris…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Oil Market Forecast & Review 25th October 2013

After several weeks of consolidation, December crude oil futures broke sharply, reflecting the perception that a slowing economy will lead to a drop in demand for oil.

The initial catalyst behind the break was the release of the weaker-than-expected September U.S. Non-Farm Payrolls report. This report was postponed earlier in the month because of the government shutdown which may explain the recent sideways price action. Traders were not willing to play either side of the market until they were sure about the state of the economy.

The jobs report showed that the economy added 148,000 jobs. This was below the estimate of 180,000 new jobs. The unemployment rate did fall, however, from 7.3% to 7.2%. Missing the estimate may have been bullish for Treasury markets and stocks because it likely means the Fed will refrain from tapering its monthly monetary stimulus before 2014, but it was not friendly to the U.S. Dollar. Typically, a weaker dollar triggers increased demand from foreign investors, but under current market conditions, their buying hasn’t been enough to stem the selling pressure from fund traders and speculators.

With the perception that the U.S. economy is sluggish at best and may have been temporarily derailed by the government shutdown and debt ceiling debate, the shorting pressure is likely to continue until the supply and demand situation flattens out.

This week, data from the U.S. Energy Information Administration showed a rise…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News