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Friday, August 24, 2012

CME Group Energy Market Recap for Friday August 24th

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October crude oil prices trended higher during the early US trading session but ended lower by the close. October crude oil prices rallied during the US morning hours, helped by a rebound in outside market sentiment, hopes for more bond buying by the ECB and near term supply disruption concerns from Tropical Storm Isaac. The market came under pressure during the initial morning hours following a weaker than expected read on core capital goods in July.

However, sentiment turned positive following headlines that the ECB was considering yield band targets to ease the region's debt crisis. It is also possible that limited progress at an IAEA meeting in Vienna over Iran's nuclear weapons supported late morning gains. An IEA report released around mid-session seemed to support the notion of releasing strategic petroleum reserves, and that served to pressure the market lower.

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