Oil Commentary – 24Nov

Posted: 24 Nov 2009, 7:54pm (ENERGY)


Oil moved ever so slightly to the upside, but in the run-up to the Thanksgiving holidays, it would appear that investors are reluctant to take a stance. Oil investors should note that we have weekly data released by the API tonight at 2130, and weekly oil inventories released tomorrow at 1330 (ET).

Positive data from the National Association of Realtors in the US helped buoy market bulls that the state of the economy is improving.

WSI Corp, the private weather forecaster, said that the North East of the US, the worlds’ top consumer of heating oil, will have a warmer December than normal.

Poor visibility has led to the shutting of the Turkish Bosporus Strait.

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