Natural Gas ETF Implosion

Natural gas seems to have fallen out of favor in 2009. Over the past year the spot price of natural gas has fallen from a high of $14 to below $3. The primary reasons for the free fall in price is the sizable natural gas inventories around the world combined with a relatively stubborn natural gas industry which refuses to slow production in the wake of a global recession and economic slowdown.

As the bifurcation between oil and natural gas began to play out this year, many looked at the widening gap in the oil to natural gas price ratio as an opportunity to long natural gas, which they thought was merely lagging the recovery in oil prices by a few weeks.....Read The Complete Article

Oil Falls From a Three Week High on Faltering Economic Recovery

Crude oil fell from a three week high after U.S. stock futures eased on weaker than expected company earnings, renewing concern the recovery from the global recession may falter. Oil has increasingly moved in tandem with the Dow Jones Industrial Average. The two are showing a correlation of 0.7 in the past month, up from 0.06 in the month to Dec. 31, according to data compiled by Bloomberg. U.S. gasoline and distillate fuel inventories climbed for a sixth week, signaling demand in the world’s largest energy user has been slow to rebound.....Complete Story

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Crude Oil Falls a Third Day on Forecast U.S. Shed More Jobs

Crude oil fell for a third day before a report forecast to show the U.S. unemployment increased last month, signaling the world’s largest energy user remains mired in recession. U.S. fuel demand in the four weeks ended June 26 fell 5.8 percent from a year earlier, while demand for distillate fuel including heating oil and diesel, fell 9.4 percent, according to a Department of Energy report yesterday. The Labor Department will likely report the U.S. shed an additional 365,000 jobs in June, a Bloomberg survey showed.....Complete Story

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Crude Oil Industry Headline News For Tuesday

"U.S. Refiners, Steelworkers Reach Tentative Contract Accord, Avert Strike"
Refiners reached a tentative agreement on a new contract for about 30,000 unionized employees, averting a strike that would have affected almost two thirds of U.S. capacity to make gasoline, diesel and other fuels....Complete Story

"BP Reports Its First Quarterly Loss in Seven Years as Oil Prices Decline"
BP Plc, Europe’s second-biggest oil company, posted its first quarterly loss in seven years and predicted demand for crude will continue to fall in 2009 as the global recession deepens....Complete Story

"Iraq Extends 2nd Bidding Round of Oil Contracts"
The Iraqi Oil Ministry gave a two-week extension for foreign oil firms to send in documentation for the second round of licensing for long-term development contracts....Complete Story

"BP Says Oil Majors Could Merge with State Oil Cos"
BP Chief Executive Tony Hayward said western oil majors could merge with state owned oil companies but dismissed mergers between the majors themselves....omplete Story