Today, the EIA will release their monthly Short Term Energy Outlook Report (STEO). The market will be very focused on the EIA’s new projection for U.S. crude production now that they are employing a new survey method for crude production.
A Greek deal and a possible Iran deal is giving crude oil mixed signals. On one hand, it seems that a deal in Greece will allow the market to focus on the more positive data that has been coming out of the Eurozone.
Oil prices fell more than 3% on Monday after Greece rejected debt bailout terms and China rolled out emergency measures to support its stock markets, adding to concerns about demand at a time of global oversupply.
Oil prices fell more than 3 percent on Tuesday, with U.S. crude extending losses for a fifth straight day, as the dollar rallied amid evidence that the United States and top oil exporter Saudi Arabia were pumping more than the world needed.
In this interview with The Energy Report, Credit Suisse's John Edwards suggests that midstream master limited partnerships, while they have been volatile of late, are fundamentally stable business models, and have less exposure to volatility than explorers and producers.