Phil Flynn is writer of The Energy Report, a daily market commentary discussing oil, the Middle East, American government, economics, and their effects on the world's energies markets, as well as other commodity markets. Contact Mr. Flynn at (888) 264-5665
The Energy Report December 31st 2012
Over The Cliff
Happy New Year! It looks like we are going over the cliff so hang onto your wallet. While the oil market closed above 90 it seems focused on going over the cliff. Even strong data out of China won’t offset the fear of the great unknown.
Oil should be rocking on news that China’s manufacturing sector hit I the highest levels since May of 2011. The HSBC Purchasing Managers’ Index rose to 51.5 in December, much better than the preliminary reading of 50.9 published in the middle of the month and November’s final reading of 50.5. We should see a continued rebound in product supply. Look for crude to fall by 2 million barrels Gas to rise by 2 million distillates up 2.5 and runs up 0.5 OPEC is making a lot of money.
‘The Financial Times reports that the OPEC oil cartel, led by Saudi Arabia, will pocket a record of more than US$1tn in net oil revenues in 2012 as the annual average price for Brent, the benchmark, heads to an all-time high in spite of weak economic growth.
And guess who comes in at number 2? Iraq! According to Alawaba Iraq cementing its position among the worlds leading oil producers. Neighboring Iran dropped three spots to fifth as international sanctions took hold. Second only to Saudi Arabia within the Organization of Petroleum Exporting Countries (OPEC), Iraq’s output rose by 24 per cent this year as the BP-led Rumaila field increased supply. Iranian production shrank by the same percentage to the lowest level since 1988, according to data, and its exports will continue to drop into 2013, according to the International Energy Agency.
Open a Trading Account Here is the link to apply online: https://newaccount.admis.com/?office=269
Here is the PDF version: http://www.pricegroup.com/ADMIS/ADMIS%20Account%20Application.pdf
Email me today at firstname.lastname@example.org.
Questions? Ask Phil Flynn today at 312-264-4364
Futures and options trading involves substantial risk of loss and may not be suitable for everyone. The information presented is from sources believed to be reliable and all information is subject to change without notice.
SubscribeSign up to receive a daily summary of all PRICE | Market Insights blog posts
TagsArticle Bill Moore Corn Currencies Dairy Daniel Flynn Dry Heat Duo Yang Economy Energies Exchange Holidays Finance Financials First Delivery Date First Notice Day Fundamental Analysis Futures Futures Trading Grains howtotrade.pricegroup.com Indices Jack Scoville Last Delivery Date Last Notice Day Last Trading Day Marc Nemenoff MARKET ANALYSIS Market Reports Meats Media & News Metals Milk Money Morning Grains Morning Softs offers.pricegroup.com Option Expiration Options Trading Phil Flynn PRICE Links Video Series Softs Spread Trading Technical Analysis The Corn & Ethanol Report The Energy Report The Nemenoff Report The Windy City Trader Tim Hughes Today's Futures News Trade Notices Video William Frejlich Zachary Fietsch