1
0
🎂

Still standing my "we're using 1/3 of oil compared to peak Oil" or 2006


 invite response                
2015 Jul 23, 10:53am   1,083 views  3 comments

by Tenpoundbass   ➕follow (7)   💰tip   ignore  

The U.S. Energy Information Administration said Wednesday weekly oil inventories increased by 2.5 million barrels, while analysts were expecting a fall. The EIA reported a 0.8 million barrel increase at the key WTI delivery point of Cushing, Okla.

According to Thomas Pugh, commodities analyst at Capital Economics, the report puts further downward pressure on oil prices. "We expect the market to remain heavily oversupplied for the next year, keeping prices subdued," he said.

Meanwhile, global crude production remains robust. Consultancy Energy Aspects estimated that global supplies rose by a substantial 0.69 million barrels a day over the month of June, reaching 95.08 million barrels a day. The biggest share of the uplift came from OPEC producers, with Saudi Arabia pumping around 10.6 million barrels a day, a record high, Energy Aspects said.

"By expanding its production to a three-year high, OPEC is ensuring that the oil market remains amply supplied," analysts at Commerzbank said in a report. "No change can be expected here in the near future: OPEC delegates made it clear that they view the weak price as temporary and plan to stick with their strategy of defending market shares."

Gasoline futures gained 0.4% to $1.875 a gallon. Diesel futures lost 0.04% to $1.6711 a gallon

#energy

Comments 1 - 3 of 3        Search these comments

1   🎂 Tenpoundbass   2015 Jul 23, 10:56am  

The Good news is consumer prices should start comming down if the Clown Trifecta(Wallstreet Investors FED)doesn't do somethign stupid to keep gas prices artifially aloft, by actually burining off excess Oil and Gas rather than letting a livable ecconomy return, to a sense of normalcy.

2   HydroCabron   2015 Jul 23, 11:25am  

CaptainShuddup says

The Good news is consumer prices should start comming down if the Clown Trifecta(Wallstreet Investors FED)doesn't do somethign stupid to keep gas prices artifially aloft, by actually burining off excess Oil and Gas rather than letting a livable ecconomy return, to a sense of normalcy.

I thikn urinalisys is spot-awn. If they can keep there Hadns off the Prices adn let the ecnomy run bye free enterpries thAn Prices shuodl keeep commming down but teh FED dusnt' like to leaf wells enoguh alnoe.

Please register to comment:

api   best comments   contact   latest images   memes   one year ago   random   suggestions