Bulls Crushed As Oil Crashes Again

2 Aug 2017   Prices

(Click to enlarge) (Click to enlarge) (Click to enlarge) Chart of the Week (Click to enlarge) • The EIA published a new report on global oil chokepoints, or narrow channels that pose a vulnerability in the oil trade. • The Strait of Hormuz is the most strategic and important chokepoint in the world, a narrow channel that sees 18.5 million barrels of oil pass through it every single day. • The Strait of Malacca is the other highly important chokepoint, with 16 mb/d of oil passing through daily, mostly Middle Eastern oil heading for China. Market Movers • Penn Energy (OTCQX: PVAC) agreed to buy $205 million worth of Eagle Ford assets from Devon Energy (NYSE: DVN). • Natural gas prices fell 5 percent on Monday on weather forecasts predicting below-average temperatures for the next two weeks. September contracts moved down to $2.79/MMBtu in the largest daily loss in […]

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