WTI Oil Advances as Jobs Data Bolsters U.S. Economy – Boomberg 03-07-13

Salient to Investors:

Stephen Schork at Schork Group said WTI climbed strongly for the first 6 weeks of 2013, then gave it all back in 2 weeks. Schork said there was no traction to the downside below $90, and $100 is too high to justify, so short-term expects near $95.

Stefan Wieler at Goldman Sachs said weakness in US oil demand may be overstated because of disruptions at pipelines and terminals from Hurricane Sandy in October that made it difficult for refiners to ship products. Goldman Sachs said the death of Chavez should have a limited impact on Venezuela’s oil production short-term, while new leadership may foster longer-term investment and boost output.

Tim Evans at Citi Futures Perspective said WTI is the flavor of the day despite the highly visible abundance of oil in the US. Evans said refineries are running at very low rates, so supplies should climb further, which makes the rally in WTI vulnerable.

Read the full article at http://www.bloomberg.com/news/2013-03-07/wti-oil-advances-as-jobs-data-bolsters-u-s-economy.html

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