New York: Energy Update From The Big Apple

Working from New York makes a person think about energy…the amount of energy it takes to fuel the sparkling Big Apple, the energy that radiates from the charming, lovely old architecture, and the energy from all the folks walking the sidewalks.

The talk of the town? Oil prices.

As I write this, oil prices are continuing to slip a little more. According to Bloomberg Energy, WTI is currently at $44.47 per barrel, down .58% and Brent crude is at $46.87, down .28%.

The headlines today reflect the same concern as the talk in the Big Apple:

• Bloomberg: “Oil Tumbles to Lowest Since November as Gasoline Supplies Surge”
• CNBC: “Oil prices hit six-week lows as OPEC fails to curb oversupply”
• Wall Street Journal: “Oil Slides to Seven-Month Low on High Inventories: The International Energy Agency said stored oil supplies rose in April”
• Market Watch: “Oil prices fall again, staying around 7-month low as ‘alarm bell’ goes off over U.S. supply”

The crux of the issue: global supply outweighing demand and the concern that this over-supply pace will continue.

As always, we will continue to monitor oil prices and keep you apprised.

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