Consumer spending up, manufacturing gains.

[Engineer]

Click me!

🙂

 

[jlmadyson]

Crude oil supplies for the week ended November 26 showed a 900K increase, versus an expected decrease of 200K, while weekly distillate inventories increased 2.3 mln barrels versus expectations that called for an increase of 1.5 mln... Within minutes of the report, the January crude oil futures ($47.98/bbl -$1.15) contract lost about a buck, falling to around $48/bbl, while stocks extended their early morning gains...

Money Central

This is helping as well.

 

[Engineer]

Originally posted by: jlmadyson

Crude oil supplies for the week ended November 26 showed a 900K increase, versus an expected decrease of 200K, while weekly distillate inventories increased 2.3 mln barrels versus expectations that called for an increase of 1.5 mln... Within minutes of the report, the January crude oil futures ($47.98/bbl -$1.15) contract lost about a buck, falling to around $48/bbl, while stocks extended their early morning gains...

Money Central

This is helping as well.

The bad thing about that is OPEC is already discussing "CUTTING" oil production because of rising inventories! :Q

 

[jlmadyson]

Originally posted by: Engineer

Originally posted by: jlmadyson

Crude oil supplies for the week ended November 26 showed a 900K increase, versus an expected decrease of 200K, while weekly distillate inventories increased 2.3 mln barrels versus expectations that called for an increase of 1.5 mln... Within minutes of the report, the January crude oil futures ($47.98/bbl -$1.15) contract lost about a buck, falling to around $48/bbl, while stocks extended their early morning gains...

Money Central

This is helping as well.

The bad thing about that is OPEC is already discussing "CUTTING" oil production because of rising inventories! :Q

Interesting. I had heard that SA is going to raise output by 37%.

In comments seen as calming fears over a repeat of an oil-recession, Ali al-Naimi unveiled plans to increase Saudi production capacity by as much as 37 per cent. He played down concern that Opec, the producers' cartel that is dominated by the Saudi Arabians, would cut production next month, saying the oil market was "in balance".

The Independent

 

[Engineer]

Originally posted by: jlmadyson

Originally posted by: Engineer

Originally posted by: jlmadyson

Crude oil supplies for the week ended November 26 showed a 900K increase, versus an expected decrease of 200K, while weekly distillate inventories increased 2.3 mln barrels versus expectations that called for an increase of 1.5 mln... Within minutes of the report, the January crude oil futures ($47.98/bbl -$1.15) contract lost about a buck, falling to around $48/bbl, while stocks extended their early morning gains...

Money Central

This is helping as well.

The bad thing about that is OPEC is already discussing "CUTTING" oil production because of rising inventories! :Q

Interesting. I had heard that SA is going to raise output by 37%.

In comments seen as calming fears over a repeat of an oil-recession, Ali al-Naimi unveiled plans to increase Saudi production capacity by as much as 37 per cent. He played down concern that Opec, the producers' cartel that is dominated by the Saudi Arabians, would cut production next month, saying the oil market was "in balance".

The Independent

🙂 Good, then the stuff on the news was wrong! 🙂

 

[jlmadyson]

Crude was down nearly 2 bucks on the day at 12ET at 47.15/bbl. Only problem is this built in fear factor from terrorism. Sellers have played this up to the max. Authors such as Robert Baer, X CIA, as well as others believe the next major hit from terrorist would be on big oil, thus crippling the economy in the US. It's been 1 step forward, two steps back all year.