Central Valley Cooperative

Energy is firmer in light holiday trade after yesterday’s weakness on support from Iran, Iraq, Kazakhstan issues, and firming equities. January crude oil is trading $0.98 per barrel higher to $94.86 compared to $94.12 yesterday at this time. Energy markets find some strength with supply threats featuring a potential Iranian oil embargo and Kazakhstan strike and protests along with stronger economic data. In addition, the trade hears those Iranian oil fields are losing production due to the lack of investment in the fields.  Oil stocks are predicted to fall again in the U.S. inventory reports. Iraq conflicts are boiling as the U.S. has exited Iraq. The lower volume of the holiday trade has begun giving the trade less conviction of market direction.