Sunday, February 1, 2009
Who Moved my Black Gold.?
Many fundamental and technical indicators are pointing to oil prices heading lower in the near term.
US slumping homebuilding industry posted its worst annual sales in two decades. Business sales down, slashes jobs across all sectors resulting in record unemployment.
Manufacturers cutting energy use, airlines cut flights and consumers reduce oil demand.
Even OPEC’s pledges of production cuts have failed to stabilize oil prices. According to the Energy Information Administration, oil storage tanks in the U.S. are filled to the rim, storing over 338 million barrels of crude oil.
Don't feel too bad for these oil guys though - they'll have plenty to sing and shout about soon.
Posted by Remnant 888 at 5:40 PM