Crude Oil Prices - Nov 20

[dan_s]

CME Group: "January Crude Oil prices traded mostly higher during the US trading hours, with leadership coming in the product markets. Some of the early support came from a generally positive outside market tone and a stronger than expected reading on US retail sales last month. Also of support were headlines suggesting that an agreement between world powers over Iran's nuclear program might be more difficult to come by at this week's meetings in Geneva. January Crude Oil took a turn to its low of the morning ahead of today's EIA data. EIA crude stocks rose 375,000 barrels last week, which was a bit smaller than expectations. Crude oil imports for the week stood at 7.863 million barrels per day compared to 7.844 million barrels the previous week. The refinery operating rate was down 0.1% to 88.6%. Meanwhile, January Heating Oil prices turned sharply higher following inventory data that showed a much larger than expected decline last week 4.795 million barrels. Average total distillate demand for the past four weeks was up 8.76% compared to last year. January Crude Oil prices came under pressure later in the session following the release of the October FOMC meeting minutes that seemed to raise prospects for a Fed tapering of asset purchases."

I learned today that the lifting of export sanctions against Iran are off the table. The Iranians want access to their money in Western banks, so that is the current bargaining chip.

My take is that with so much pressure on Obama over Obamacare, there is no way he will make a deal with Iran that makes him look weak.

[setliff]

<My take is that with so much pressure on Obama over Obamacare, there is no way he will make a deal with Iran that makes him look weak.>

you are giving these liberals too much credit--i don't think they know what makes them look weak. its not in their mindset, imo.

[dan_s]

I also think Israel will go crazy if he cuts a deal with Iran. They might even strike Iran on their own if he does. Obama is in way over his head on Middle East / North Africa issues. Russia is making a move to gain more control and we aren't doing much to stop it. That is very dangerous for U.S. interests in the region.