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Crude Plunges Another 2%

TedTed
in Off-Topic
FYI: Crude oil prices dropped for a fifth straight day today, and the culprit this time around was a surprisingly large build in crude oil inventories. While traders were expecting stockpiles to decline by 2.25 million barrels, they actually increased by nearly 1.7 million barrels. As shown in the charts below, this week’s build comes at a time when stockpiles are typically in decline, although we would note that with a record nine straight weeks of inventory drawdowns, we were due for an increase. That being said, crude oil stockpiles are currently 51% above average for this time of year and with rig counts increasing, that has put some downward pressure on prices.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/crude-plunges-another-2/

Comments

  • DanHardy
    edited July 2016
    What is oil telling us? Demand is down = slowdown around the world?

    The last time oil took a big hit; so did the stock market.

  • Derf
    Took a trip north Sat. & was surprise by the amount of traffic on interstate !! Someone is appreciating the price of gasoline . More dollars going into the economy !
    Derf
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