US API Crude Oil Stock SurplusHow can anyone think that the economy could be bullish just compare the last 4 entries it shows that Oil isn't drawing big on inventories proof that the US is contracting so Oil very well could be driven into $60+ and it won't take long we're already at the low end of $73 but the one thing is that this low Oil will hurt revenues for Oil Plays if the duration is long Oil stays at $70- or into $60+ because Q4 shaped up to being horrible for revenues and Q1 isn't much better and this will weigh on the SP. This push on Oil has seen moves of over $3 in the last 2 days and maybe it might slow but the trend won't change anytime soon and if the US traders stay on this course they won't stop at $70 this time they might be focused in driving Oil into $60+ one thing we learned is that the US wants Oil as low as possible. It's about time that everyone is looking at China the way I have been for months. We'll have to wait till tomorrow to see what EIA comes out with but it's not looking to be bullish.
US API Crude Oil Stock 