Summary
- Oil prices soared this past week, driven by a number of factors but particularly impacted by falling domestic production.
- Some categories of petroleum products managed to increase, but the overall picture is showing signs of improvement.
- Add to this strong demand and a continued fall in the U.S. rig count and investors have a lot of reasons to be happy at the moment.
Right now, there are some things that are certainly negative concerning oil, such as the failed Doha meeting and rising crude stocks. However, when you look at a report like this, which shows that some categories of petroleum products are falling, that output is dropping, that demand for products is strong year over year, and that the rig count is still very low, it’s hard not to be more bullish than bearish regarding oil in the long run.
….for the full analysis go HERE
related:
The Oil/Dollar Dance – and What Might Come Next
