For months ISA has noted sanctions curtailing Iranian oil exports.  Fear mongers hypothesize Iranian unrest (Sprach) will lead to a spike in oil pricing.  Wrong.  Regime change in Iran could mean built up inventory and shut in production would be sold for desperately needed cash.  Thus the shellacking in crude yesterday.  So says one theory:  (Gartman on CNBC).

The Energy Journal: Big Protests in Iran Bear Watching at WSJ.

High US crude inventory is balance by low products:  BMO.

Additionally, Oil Tumbles as Crude Production Surges to 15-Year High at Bloomberg.  Or is crude’s problem demand?  WSJ  Or should Chinese demand be blamed?  Fuel Fix

Coincidentally, Oil Advances From Two-Month Low as ECB Meets at Bloomberg.

Human interest:  North Dakota oil millionaires just regular Joes at Globe and Mail.

Remember, U.S. E&P economics are stellar at $100 oil and skinny at $80.  The operational leverage to prices in the new horizontal drilling world is ginormous.