Crude Oil (WTI) continued its decline Wednesday, trading below
$62 per barrel, the lowest price since July 2009.
Inventories grew during the week ended December 5, according to
the U.S. Energy Information Administration's report issued on
Wednesday.
“U.S. commercial crude oil inventories (excluding those in the
Strategic Petroleum Reserve) increased by 1.5 million barrels from
the previous week. At 380.8 million barrels, U.S. crude oil
inventories are above the upper limit of the average range for this
time of year.
"Total motor gasoline inventories increased by 8.2 million
barrels last week, and are in the middle of the average range. Both
finished gasoline inventories and blending components inventories
increased last week.
“Distillate fuel inventories increased by 5.6 million barrels
last week but are near the lower limit of the average range for
this time of year. Propane/propylene inventories fell 0.3 million
barrels last week but are well above the upper limit of the average
range.
“Total commercial petroleum inventories increased by 7.4 million
barrels last week,” according to the report.
As of 10:54 a.m. EST, Crude Oil (WTI) traded at $61.25, down
4.03 percent.
Posted by darnelds on 10th of Dec 2014 at 04:54 pm
Like they stepped in since $112.00? I'll go by the charts
instead. A case can be made for support at 200 MA @ $62.50 or
various degrees of chart support at 60, 50, and 40.
Government and OPEC will act after the trend is over - after dozens
of oil producers are bankrupt.
http://stockcharts.com/h-sc/ui
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Crude Oil Drops Below $62,
Posted by steve on 10th of Dec 2014 at 11:40 am
Crude Oil (WTI) continued its decline Wednesday, trading below $62 per barrel, the lowest price since July 2009.
Inventories grew during the week ended December 5, according to the U.S. Energy Information Administration's report issued on Wednesday.
“U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.5 million barrels from the previous week. At 380.8 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year.
"Total motor gasoline inventories increased by 8.2 million barrels last week, and are in the middle of the average range. Both finished gasoline inventories and blending components inventories increased last week.
“Distillate fuel inventories increased by 5.6 million barrels last week but are near the lower limit of the average range for this time of year. Propane/propylene inventories fell 0.3 million barrels last week but are well above the upper limit of the average range.
“Total commercial petroleum inventories increased by 7.4 million barrels last week,” according to the report.
As of 10:54 a.m. EST, Crude Oil (WTI) traded at $61.25, down 4.03 percent.
$40.00 here we come.
Posted by darnelds on 10th of Dec 2014 at 11:50 am
$40.00 here we come.
I would not bet on
Posted by jdaswani on 10th of Dec 2014 at 11:58 am
I would not bet on that. US Gov't will step in before that..Opec will take stand mid 50's Oil
Like they stepped in since
Posted by darnelds on 10th of Dec 2014 at 04:54 pm
Like they stepped in since $112.00? I'll go by the charts instead. A case can be made for support at 200 MA @ $62.50 or various degrees of chart support at 60, 50, and 40. Government and OPEC will act after the trend is over - after dozens of oil producers are bankrupt.
http://stockcharts.com/h-sc/ui