Oil Falls to 7-Week Low on Demand Outlook, Stockpile Gain at Bloomberg.
Jeff Rubin on oil and economic growth: Bloomberg. Also, Musings: Energy, Unemployment And The Health of The US Economy at Rigzone.
“Presently the estimated breakeven price for the “average” well in the Bakken formation in North Dakota is $80 – $90/Bbl.” Hans will question the author, but to me the point is the high price required for new production to be economic. Oil Drum
S&P 500 Works Off Overbought Levels at Bespoke. Chess remains constructive. Jeff Saut: “…we were probably going to get a sideways correction; and that’s exactly what we got last week, which brings us to this week…yet it still does not feel like the stock market is ready to leap higher until we spend a few more sessions working off the overbought condition…”