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Veteran Contributor

well, well, well,....US oil production up & imports down & inventory declining

 

With July 4 approaching, Gottlieb offers up a special version of all you need to know placed squarely in the title bar...

 

A summary from various sources, ja...

 

Also, below, a fresh piece plucked from the Bloomberger's reports-

 

US oil rigs increase by 12 to 640

 

At this point none of us know what is going on with OIL-

 

http://www.bloomberg.com/news/articles/2015-07-02/oil-rigs-increase-by-12-to-640-in-first-gain-this-...

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4 Replies
Senior Contributor

Re: well, well, well,....US oil production up & imports down & inventory declining

I have given up on trying to predict what oil will do next.  

 

Your last sentence of, "At this point none of us know what is going on with OIL-," does an excellent job of summarizing the oil market.

 

Last year at this time crude oil was over $100. per barrel.  Sometimes it is surprising how fast a market can change, at least oil has not had a boring year.

 

 

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Advisor

Re: well, well, well,....US oil production up & imports down & inventory declining

Bottom line- world production continues to exceed consumption by 1-2 mbd. Don't know where it is going right now because not the USA (net)- probably tankers and China?

 

Barring geopolitical problems oil is going lower into the fall. Not a net positive for the commodity complex.

 

The point where the lowered rig counts start to show in US production is probably still 6-12 months out.

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Contributor

Re: well, well, well,....US oil production up & imports down & inventory declining

Once again it shows how little the "Experts" know.  3 months ago it seemed everything I was reading said storage capacity was almost full.  And then oil was going to drop to $20-30 a barrel.

Honored Advisor

Re: well, well, well,....US oil production up & imports down & inventory declining

At someoint, alternatives like ethanol have to lose out.

Holding Putin down until he says " Uncle!" seemw to be stirring up concerns over nuclear re-armament.

We are never sure what the Chinese are up to...now, it's building islands in the South China Sea.

What those world powers and the IMF have in store, who can say?

If you spend too much time dwellng on it, it can be most distressing.
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