With the recently concluded nuclear deal between Iran and the P5+1 countries, oil prices have already started heading downward on sentiments that Iran's crude oil supply would further contribute to the already rising global supply glut. The economic crisis in Greece, OPEC's high production levels and China's market turmoil have created more pressure on oil prices, making a price rebound lookhighly unlikely in the near future.
U.S. industrial production unexpectedly fell in May as manufacturing and mining activity remained weak, a sign that a strong dollar and spending cuts in the energy sector continued to constrain economic growth.
This might be the year that the world fully realizes the significant contribution North America has made to the overall global oil supply, especially after the IEA claimed that the US would surpass Saudi Arabia as the largest oil producer around 2020.
There is big change brewing in the nation's energy markets. It will affect all oil and natural gas investors. Some folks will get hammered as the industry jives in a new direction. Others will see big gains merely because they were smart enough to anticipate the next move.
Sovereign debt risk, global inflation concerns, geopolitical risk, disappointing European earnings and concerns about Japan's coming reporting season have seen equities weaken and new record nominal highs for gold and silver.