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
Home for Christmas
Mikhail is home for Christmas, you can count on it, please lay low and please forgo any politics. Vladimir will find me if I start to scheme, a democratic Russia is only in your dreams. Mikhail Khodorkovsky the man that dared take on Vladimir Putin has been released after spending a decade in prison. The man that dared to believe that Russia had changed was taught a lesson by strong man Vladimir Putin. The former owner of Russia’s largest oil company funded political opposition parties to Putin and ran against him for President was then arrested on false charges and thrown in prison and had his oil company taken over but Putin’s cabal. Democracy died that day in Russia and now the country will never live up to its full potential as the people accept a thug that made a mockery of the Russian constitution and the Russian people.
In Russia a pardon is supposed to come after an admission of guilt. But according to The Guardian lawyers for the former oil tycoon initially said they had not heard of any such request, but it later transpired that Khodorkovsky had been visited by officials in prison and warned both about the deteriorating health of his mother and of the possibility of a new case being prepared against him, and advised to sign. So in other words they made Mikhail an offer he just could not refuse. No word of any horse head on the bed but perhaps something worse.
Up on light volume, crude then falls, focus shifts to Nat gas draw. Heat through chimney may soon annoy! As storage drawdown brings bulls some joy. Ho! Ho! Ho! Who would have known, Ho! Ho! Ho! That the report would show. A 285 drawdown click, click, click that would make the market really, really quick!
A record week over week drawdown in inventory and natural gas flies! The EIA reported working gas in storage was 3,248 Bcf as of Friday, December 13, 2013, according to EIA estimates. This represents a net decline of 285 Bcf from the previous week. Stocks were 488 Bcf less than last year at this time and 261 Bcf below the 5-year average of 3,509 Bcf. In the East Region, stocks were 207 Bcf below the 5-year average following net withdrawals of 132 Bcf. Stocks in the Producing Region were 23 Bcf below the 5-year average of 1,138 Bcf after a net withdrawal of 99 Bcf. Stocks in the West Region were 31 Bcf below the 5-year average after a net drawdown of 54 Bcf. At 3,248 Bcf, total working gas is within the 5-year historical range.
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The PRICE Futures Group
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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.
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