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30 Million Barrels – A Drop In The Bucket by Carl Swenlin Last week the administration released 30 million barrels of crude from the nation’s strategic reserve. This represents about a day-and-a-half of our current usage, so it is really just a drop in the bucket and not likely to have a significant effect on […]
Fellow contrarians know that we’ve been watching the crude oil market for a sign of where this rally may be heading. Right now, crude looks absolutely gassed. It dropped below it’s 200 day moving average last week (yes, the 200-day MA that we love to watch) – and has just managed to bounce up a […]
Crude oil expert Philip Verleger, who correctly predicted oil would hit $100 back in 2007, is now forecasting $20…this year! Verleger says that supply is outpacing demand by 1 million barrels a day – and with the global economy not really improving, a warm winter could prove to be “devastating” for oil prices. This jives […]
Last night I had the opportunity to sit down with PG, who is the head of a small refinery based in Texas. We talked about the economy, and most specifically, crude oil – where the price may be heading, and supply/demand considerations. (OK it’s my father-in-law…we were having an after-dinner beer…but I’ll take his insights […]
If there’s one thing to say about the crude oil market, it certainly trends well…both ways. Check out this chart: Crude oil takes a turn lower. (Source: Barchart.com) We’ve been hearing energy gurus for weeks scratching their heads, saying there’s plenty of crude to meet demand today. But prices kept on climbing. Well, now prices […]
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