Wednesday, February 14, 2007
Oil Inventories
This weekly focus on oil inventories is dumb. Except in unusual market conditions, the oil companies can make those inventories anything they want by importing crude, gasoline and / or distillates. The demand numbers are what's important. Watch the weekly demand numbers by product & the comparison of them to last year. DOE gives a four week average demand comparison to last year. You'll see steady increases. Over time, that's bullish for oil & oil stocks as long as it continues.
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2 comments:
seems like u can always fade the initial USO move for a quickie at, 1030.
ya i think a certain ex beefer, who been saying we see a rate cut in may, is gonna be wrong.
You mean the bald, mad one? He doesn't know anything about economic trajectories or reading the Fed. He's just a big mouth.
I don't see any rate cut until year-over-year core inflation goes under 2%; maybe not until 1.75% even. They aren't gonna cut rates unless a real slowdown hits, and even then might not unless the inflation numbers are OK.
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