There will be no report Friday, December 7th
Brent prices appear ready to set a new record high for 2012
The global economy is limping along, the media is quick to report on every bad news item and yet the average price for the Brent crude oil benchmark is closing in on another record average price for the year. For sure events in Middle East have markets on edge but all the news about the pending new global oil super power the U.S. surpassing leaders Russia and Saudi Arabia should have some influence.
Over the last few week newspapers, magazines (for those who still read them) and of course the internet have been packed with news about abundant supplies and oil’s imminent price plunge. However the reality of the markets is telling a different story as illustrated by this graph. For now the world is still facing triple digit oil prices.
U.S. & Canadian trade in energy
If you are not sure how the Canadian dollar will fair against the U.S. greenback just take a quick look at the graph that the EIA posted this week. As they say a picture is worth a thousand words.