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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: Dennis Roth who wrote (184930)	7/23/2014 6:53:12 AM
From: Dennis Roth	2 Recommendations Recommended By evestor LoneClone Read Replies (1) of 206307

Energy Weekly: A Tale of Two Benchmarks — Brent Markets Have Rebounded Slightly Yet Remain Oversupplied Whilst The US Gulf Coast Market Remains Tight 21 July 2014 ¦ 14 pages ir.citi.com The recent decline in Brent prices has stabilized following a small recovery in the N Sea physical market and geopolitics remaining hot, but the Brent market remains oversupplied and there are few signs of recovery yet. The recent weakness caught many in the market by surprise and investors have responded by taking money off the table, with the latest COT report showing a 245-k lot liquidation of open interest in ICE Brent over the last 2 weeks (some $26-bln). The sell-off was likely overdone and flat price has recovered $2-3/bbl from a low of $104/bbl last week. Yet at ~$107/bbl, the rolling prompt is still ~$2/bbl lower than where it was before the Iraq crisis. Conversely, US crude markets are looking tight, with the prompt WTI spread trading at ~$1.85/bbl ahead of tomorrow’s expiry. The WTI-Brent spread has narrowed to ~-$4.70/bbl, its lowest level since early-April. Christopher J Main \| Seth M Kleinman \| Eric G Lee \| Edward L Morse \| Anthony Yuen

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