Sea Oil

WTI Oil Trades Near Four-Month High on Seaway Pipeline Expansion at Bloomberg.

Oil Takes Out Key Resistance at Bespoke.

Historical oil prices:  EIA.

Well, yes:  “Despite record-high oil sector investments, Norway’s crude oil output fell 8.5% on the year to 1.53 million barrels per day in 2012…”  Rigzone  Thus…

75 pct of global crude production in 2012 was not higher than in 2005 at Crude Oil Peak.

Strong U.S. Crude Oil Production Growth Forecast Through 2014 at the EIA.

How “Crazy” Is Our U.S. Oil Supply Forecast Now? at Raymond James.

“The peak of heating season is rapidly approaching and quite frankly the continuation of bullish temperatures can have less of an impact compared to the same situation in November or December. The distribution of likely March end of storage levels is constricting and it remains on a somewhat bearish track. Unless temperatures remain below normal, prices are likely to remain defensive with advances somewhat subdued.”  Kyle Cooper

Natural Gas: Will 2013 Goldilocks Turn Into A Bear? by Richard Zeits.

Interesting wedge: