API Crude Oil Stock numbers A minimum surplus shouldn't affect Oil at these hammered-down prices but it has to be confirmed with EIA tomorrow. Oil is at the crossroads of hitting $60+ if the pushing continues but unlikely if cooler heads prevail. I can say one thing, when Oil does finally rebound with a confirmed trend reversal it could very well be one of if not the last time Oil will hit $70- before making a run at $80+ because once the FED is done boosting Interest Rates and that fear subsides Oil will focus back on demand pushing prices high without worrying about the FED. What a mess that the FED has created needlessly if they only would have done an increase of .5% or .75% instead of the .25% last time. If the FED didn't help out then this financial devastation from SVB most likely would have been worse for Oil if you could believe that. Theres no sugarcoating this mess but it does create a great time in buying shares then sit back and enjoy the summer when all Oil Plays will be higher than today, you can't lose a guarantee that Oil will one day trade higher than $71 sweeping up all Oil Plays with it and this is the time for sideliners to look at investing. We need Putin to ``put the hurt on USA`` and cut production so that Biden cant enjoy $70+ Oil for long. Being down this low if anything bullish happened Oil without a doubt would rally especially after Traders loaded up with cheap Oil. GLTA
Crude oil - 2023 Data - 1983-2022 Historical - 2024 Forecast - Price - Quote - Chart (tradingeconomics.com) US API Oil Stock 