Sovereignty is understood in jurisprudence as the full right and power of a governing body to govern itself without any interference from outside sources or bodies. In political theory, sovereignty is a substantive term designating supreme authority. You will commonly see two types of offerings in gold coins...
As a global commodity, the price of gold is not tied directly to the value of the U.S. dollar, and its long history as a global currency (dating back to around 550 BC) is a testament to its endurance as a valuable commodity.
Today the EIA released their latest Short Term Energy Outlook Report, which shows that U.S. crude oil production averaged 9.4 million barrels per day (b/d) in 2015, and it is forecast to average 8.9 million b/d in 2016 and 8.8 million b/d in 2017.
The energy complex is trading higher after the EIA released its latest weekly oil inventory report. The data showed that total crude &and product stocks decreased by 11.210/mmbls to 1379.697/mmbls for week ending Sept. 30.
The energy complex is trading higher after the EIA released its latest weekly oil inventory report. The data showed Total Crude & Product stocks decreased by 10,000/bbls to 1390.907/mmbls for week ending Sept. 23. Looking at the year on year for Total Crude & Product stocks we see we are now 89.6/mmbls above last year’s level for this time of the year and above the five year average by 242.6/mmbls.
The energy complex are trading higher after the EIA released its latest weekly oil inventory report. The data showed Total Crude & Product stocks decreased by 6.034/mmbls to 1390.917/mmbls for week ending Sept. 16. Looking at the year-on-year for Total Crude & Product stocks we see we are now 93.2/mmbls above last year’s level for this time of the year and above the five-year average by 242.9/mmbls.
Currently the spot WTI and Brent crude oil contracts seems to be heading toward their respective technical trading range lows. If most of the news remains biased to the bearish side the aforementioned contracts are likely to test the lows from the first of the month and if breached could result in an even deeper slide heading into the informal OPEC/non-OPEC meeting in Algeria in a few weeks.
The crude oils are trading lower after the EIA released its latest weekly oil inventory report. The data showed that total crude and product stocks increased by 4.503/mmbls to 1404.679/mmbls for week ending Aug. 26.
The first round of fundamental data hit the media airwaves mid-day with the release of the EIA forward projections followed by the API data late in the day. The EIA report was biased to the bearish side as they raised its estimated for U.S. production (see the charts below for more details).
The crude oil complex traded mostly on the defensive once again on Tuesday as the current fundamental outlook seems to have moved into the primary price driver’s seat. At the end of the day the American Petroleum Institute (API) released its weekly inventory snapshot with mostly small changes with the main feature being a large crude oil inventory build in Cushing, Okla., and a smaller than expected decline in gasoline stocks.