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Oil : USO - USL - CL futures and oil ETF discussion - Page 38
Something is cooking this month. Saudi Arabia is sending the US 11 supertankers containing 22 million barrels of crude oil the the US this month..
Crude-oil prices, which fell throughout the session Wednesday, declined further after the U.S. Energy Information Administration reported that U.S. oil stockpiles rose by 7.1 million barrels last week to a seven-month high. Analysts had expected a more modest 2.2-million-barrel increase, and the larger build suggested that, at least in some parts of the U.S., supplies are plentiful.
"It's huge," Tony Rosado, a broker at GA Global Markets, said of the inventory report. "If you've been fighting against this market at $106, $107, these numbers should make you a happy camper. The market should be working lower
So...does this make any sense...
A MASSIVE rise in inventory...
did MAYBE iran sanctions force the US to build a greater inventory??hummm
then why is obama out there trying to tap into the reserve inventory to reduce oil prices? hummmmm
something doesnt add up...
i feel like ive done the wrong thing...they are doing anything to drop the prce and have a full blown economy...those bastards!!
PARIS - France is in talks with the United States and Britain on a possible release of strategic oil stocks to push fuel prices lower, French ministers said on Wednesday, four weeks before the country’s presidential election.
Earlier in March, British sources said London was prepared to cooperate with Washington on a release of strategic oil stocks that was expected within months, in a bid to prevent fuel prices choking economic growth in what is also a U.S. election year.
France’s Energy Minister Eric Besson told journalists after the weekly ministers’ meeting that the United States had asked France to join it in a possible emergency inventory release.
Such a release could happen “in a matter of weeks”, Le Monde daily said on Wednesday, citing presidential sources.
Crude oil prices, which have risen almost 16 percent since the start of the year, fell more than a dollar on the news.
“It is the United States which has asked and France has welcomed favourably this hypothesis,” Besson said. He also said that the countries were awaiting conclusions from the International Energy Agency (IEA), which coordinates emergency stock releases in case of severe oil supply disruption.
good oil hedge plays: