Posted on 11/02/2016 8:40:53 AM PDT by bananaman22
After the API shocked markets by reporting a massive 9.3-million-barrel increase in U.S. inventories yesterday, the EIA added insult to injury, saying inventories instead went up by 14.4 million barrels in the week to October 28, reaching 482.6 million barrels. The silver lining is that the total is within the upper limit for the time of year, according to the EIA data.
We suspect the markets won’t find much in the way of this silver.
Last week, the authority reported a meager 600,000-barrel decline in crude oil stocks, which despite its meagre size, managed to sway the market, pushing up benchmark prices.
(Excerpt) Read more at oilprice.com ...
Down over $5 in the last couple weeks - Saudi trying to regain price controls gave it the bump up and reality is returning.
$1.95/gallon of gasoline in beautiful mid-Michigan today.
The world wide economy is in recession. If the economy were truly growing, the demand for oil and its price would be going up. So would interest rates if there were a demand for capital, Fed or no Fed. The prices of other industrial commodities are also low for the same reason. Left wing governments suppress business development and the creation of real wealth. They cause recessions. Nor can you believe the data and statistics that are put forth by Obama controlled Federal agencies.
Exactly
I have two of those still.
Oil will continue to plunge, and gold continue to rise until the election. If Trump wins you will see a “Brexit” style market move, with the Dow down 1000 points, and the dollar crushed vs. the Euro (but up vs. Peso).
I have a few of those we use everyday.
***** $1.95/gallon of gasoline in beautiful mid-Michigan today. *****
It’s anywhere from $1.84.9 to $2.1X.9 in my area in Texas.
***** $1.95/gallon of gasoline in beautiful mid-Michigan today. *****
It’s anywhere from $1.84.9 to $2.1X.9 in my area in north central Texas.
And transit companies worldwide are preparing to dump dirty diesel-fueled buses and taxis in favor of natural gas-fueled buses and taxis.
We’re all gonna die.
I’m a buyer starting at $41.
oh my poor SIL who has to brag about her oil checks every single time we talk on the phone maybe won’t be bragging this time...yippee!
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