Yesterday oil fell when chatter began on a SPR release (Business Week). Commercial crude invetory levels are extremely flush; refined product inventory levels are light. Thus the whole thing is a joke…
Peak cheap oil is an incontrovertible fact at The Telegraph.
“Barclays Capital expects a “monster” effect this quarter as the crude market tightens by 2.4m barrels a day (bpd), with little extra supply in sight.
Goldman Sachs said the industry is chronically incapable of meeting global needs. “It is only a matter of time before inventories and OPEC spare capacity become effectively exhausted, requiring higher oil prices to restrain demand,” said its oil guru David Greely.”
Video: Rick Rule on oil markets and printing: CNBC.
Every morning Independent Stock Analysis sorts out the crude oil news and commentary and brings it to readers. Here is the oil page. Currently ISA is investigating the coal sector, which is depressed on the natural gas glut. Become a member today!