Oil Drops on Demand Concern Amid Signs Economy Slowing at Bloomberg.
OPEC sees 2013 oil demand growth slowing at the Globe and Mail. Additionally, “The Saudis are pumping considerably more on an absolute and on a relative basis.” and “Iraq’s crude output is now catching up with Iran’s.” Sober Look. “Tough Western sanctions are forcing Iran to take drastic action and shut off wells at its vast oilfields.” Financial Post
“Since 2005, the “total oil supply” for the United States…increased by 2.2 million barrels per day. Of this, 1.3 mb/d, or 60%, has come from natural gas liquids and biofuels…” Econbrowser
The Bakken boom continues with May North Dakota production higher by 4.9% over April and 75.5% over weather hurt May of 2011. Mark Perry
The S&P 500 is at an important technical juncture: See It Market.