Get ready for a massive crude oil supply build! There is nothing like a crude build to start the New Year! Well at least the first full trading week of the New Year. Last week traders were shocked at the Energy Information Agency when they reported that U.S. commercial crude oil inventories decreased by 11.1 million barrels from the previous week. Now normally a drawdown in supply of that magnitude would cause a major price spike but this time it was different. The main reason is because the bulk of the drawdown was in the Gulf Coast and it was the report that reflected the last week of the year. In other words, we should see supply rebound big time this week.
Read More on International Business Times
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
