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Hurricanes in March ….in a desert?!
That’s the only way to describe the current crude oil and transportation fuel price movements, which are following the hour by hour changes in the political pulse in Libya in particular and North Africa in general. There is an extreme and present danger that this emotional wave could start hitting the beaches of key OPEC producers such as Saudi Arabia and Kuwait. Then we will have a major problem, but that’s a “what if” situation and it’s the “what if” that is driving prices through the roof.
The leading edge of the pricing hurricane struck last week and prices jumped for no U.S. inventory, supply/demand reason as there is no supply problem and comatose demand.
As it stands now, we are in the eye of the hurricane, which as I understand means a temporary calm before the trailing edge hits us.
What’s furthering complicating the markets? Find out in The Weekly Energy Report. To find out about subscription rates, email us at: info@en-pro.com.
By: Roger McKnight, Senior Petroleum Analyst
Also… check out the En-Pro newsroom – our Roger McKnight has been busy discussing what’s going in the Middle East and how it is impacting oil prices around the world. Roger talks with Seamus O’Regan on CTV’s CanadaAM and on CBC Radio among others. Check out: www.en-pro.com/newsroom to read/listen/hear more.