Energy Currents: Crude Up $1 a Barrel in Likely Short-Covering Rally
Crude oil is higher this morning, rebounding over $1 a barrel in what likely could be a short-covering rally. There still are several potential headwinds that could push prices lower, including upcoming austerity votes in Greece that almost certainly will influence market direction.
There also is a big batch of macroeconomic data out this week, including measures of the manufacturing sector. Last month's data suggested global manufacturing was heading for a slowdown, which should result in lower energy demand.
At 9:15 a.m.
AUG WTI Crude ( NY ) $91.64 +1.07
AUG Brent Crude (ICE) $107.90 +1.91
JUL Natural Gas ( NY ) $4.312 +0.056