ENERGY

Oil prices dumped and pumped overnight but are holding gains for now ahead of the official inventory data as traders continue to weigh tightening physical supplies (Brent’s prompt spread strengthening to 95 cents in backwardation, hovering at three month highs) against pressure from higher for longer rates (weighing on the demand side).

Additionally, the ongoing tensions in the middle east are supporting prices.

After last week's huge surprise crude build (and product (more…)

Via The CradlePakistan is mulling over completing a much-delayed pipeline project with Iran, which has been stalled for years and has failed to move forward due to US sanctions. Islamabad is considering…

By Charles Kennedy of OilPrice.com

A day after a New York court ruling that Venezuelan law would determine the validity of bonds issued by state-run PDVSA oil company, Bloomberg reports that bonds have “collapsed”, slumping on questions over their validity. At stake is $2 billion in PDVSA bonds, and PDVSA notes dropped 17 cents following Tuesday’s ruling, according to Bloomberg. 

On Tuesday, the New York State Court of Appeals ruled on the matter after Venezuelan (more…)