Crude Oil Inventories Back on the Upswing

After last week's much larger than expected drawdown in oil inventories, this week's report showed a partial rebuild. While the consensus forecast was for a build of 1 million barrels, the actual increase was much greater at 1.762 million barrels. As a result crude oil prices are getting whacked with oil trading down more than $2. Heading into the coldest part of the year, oil inventories remain well above their historical average.

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Comments

[rick12345:]

More American propaganda in an attempt to talk the price down. Unfortunately, the problem of peak oil is not about to wither away into obscurity.

Nov 12 07:15 PM

[GreenMom:]

Yup, looks like 10.2 percent of us are no longer commuting to work... correction, 17.5 percent. Nowhere for 25 percent of college grads to drive to, with no jobs and no money to spend. No oil needed in the furnaces of foreclosed homes or shuttered businesses.

What really sucks is that the battered consumer is paying for oil that trades at $75-80 a barrel, when a price based on demand would be about $20 per barrel cheaper.

Nov 13 12:50 AM

[TraderRob:]

All this "peak oil" talk is ENTIRELY misplaced. Oil is doubly overvalued by the phantom recovery represented by bloated share prices as a result of jobslashed earnings and by the U.S. Dollar which continues to weaken.

Peak Oil is a long term, macro, supply side theory which has been completely discounted into the price per barrel. The general theory behind the world running out of oil has been around since the 70's, since which time developing countries around the world have found billions of barrels in fields and technology has become cheap enough compared to LT SWT Price/barrel to "re-well" old fields for a profit.

Take your bantering somewhere else.

Nov 13 01:19 AM

[rick12345:]

Firstly what banter? Just look at those two in the above picture - young republicans if ever I saw pair.
Secondly, how about a bit of disclosure before making an implication that oil prices are about to fall. For all we know they may have clients who are long oil and need a few suckers to buy up the contracts.
The above two graphs show absolutely nothing apart from indicating that oil inventories are at their lowest level since the beginning of the year.

Nov 13 04:42 AM

[Maxe Paul:]

Sounds like someone is rather long on oil!


On Nov 12 07:15 PM rick12345 wrote:

> More American propaganda in an attempt to talk the price down. Unfortunately,
> the problem of peak oil is not about to wither away into obscurity.

Nov 13 07:48 AM