The fundamentals point to higher oil prices. Crude oil and refined products inventories continue to fall in both the U.S, and Europe. - Dan
On Wednesday, Nov. 23: The US Department of Energy said crude oil stocks last week were at the lowest level since January 2010, at 330.8m barrels, falling 6.2m barrels from a week earlier. Wall Street forecasters had anticipated an increase of 0.5m barrels.
Inventories of distillates, which include diesel and heating oil, also fell to the lowest level since December 2008, at 133m barrels.
For more details: http://www.ft.com/intl/cms/s/0/5393b88c ... z1eZb2wwaA
Oil Prices
Oil Prices
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Oil Prices
Today is the 2nd breach of $100/bbl for WTI. It usually takes three times to break through a major resistance level.
With all the gloom and doom on the economy oil prices have held up quite well. 4th quarter results are now sure to be very strong for our Sweet 16 and most of the companies on our Watch List.
Stay heavily weighted to oil.
With all the gloom and doom on the economy oil prices have held up quite well. 4th quarter results are now sure to be very strong for our Sweet 16 and most of the companies on our Watch List.
Stay heavily weighted to oil.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group