Remember when just a 2-3 years ago how crude was going to skyrocket because of the lack of investment. Yet, here we are in the opposite situation, swimming chin deep in it. OPEC has to be shifting uncomfortably in their chairs....as well as big oil. All of OPECs cuts hasn't amounted to anything. Now what do they do? My goodness we are heading into $40!
The problem is not too much supply, the problem is demand is pathetic. It is looking like economic growth is currently around 1%. If we were above 3% the picture would be much different. There is absolutely no reason why we should be growing so slowly. Everyone is getting short crude. if something happens in the middle east, this thing is going to fly upwards twice as fast.
You wouldn't know demand was pathetic if you drive anywhere. Traffic seems as miserable as it always does.
Previous oil discussions:
Crude 3 months below
Crude 1 year below
Look at some of the huge increases in storage the past 6 weeks.!!!
Latest Release Jun 05, 2019 Actual 6.771M Forecast-0.849M Previous-0.282M
|Jun 05, 2019||10:30||6.771M||-0.849M||-0.282M|
|May 30, 2019||11:00||-0.282M||-0.857M||4.740M|
|May 22, 2019||10:30||4.740M||-0.599M||5.431M|
|May 15, 2019||10:30||5.431M||-0.800M||-3.963M|
|May 08, 2019||10:30||-3.963M||1.215M||9.934M|
|May 01, 2019||10:30||9.900M||1.485M||5.479M|
he Energy Information Administration on Wednesday reported that U.S. crude supplies rose by 6.8 million barrels for the week ended May 31. Analysts polled by S&P Global Platts expected a fall of 1.7 million barrels for crude stocks, on average. The American Petroleum Institute on Tuesday reported a climb of nearly 3.6 million barrels, according to sources. The EIA data also revealed that gasoline inventories climbed by 3.2 million barrels, while distillate stockpiles added 4.6 million barrels last week.
Weekly US ending stocks of crude oil. The highest stocks in over 18 months!!
Weekly ending stocks for unleaded gasoline. A bit less than a year ago.
Weekly US ending stocks for distillate fuel oil(heating oil-especially used in the Northeast). A bit more than a year ago.
Current gas prices: