An inventory build of 1.7m barrels v expectations of a 2.25m draw is to blame for today’s rout. Frankly speaking, this decline has been pervasive for several months now. Wall Street has been ignoring the pressures on crude, in exchange for cocaine rallies. Truth be told, we’re at 3 month lows, off by 12% for the month and the sector looks both bleak and dreadful.
Humans are a simple creature. Oil hits $39 and the fucking hounds from hell will be unleashed upon stocks. In the meantime, enjoy your pastoral views.
If you enjoy the content at iBankCoin, please follow us on Twitter
Oil slammed, durable goods orders dropping, Fed announcement in a couple of hours but CNBC can’t break away from their 24 hour cycle to bash Trump.
Isn’t it summer driving season? Downhill from here. As side note i will be driving west coast of usa next week. Looking forward to lower prices for my cdn money.
forget oil…it will be range bound and it’s probably closer to the bottom of range…watch LUMBER prices if you want to know when the rally is over…nobody talks about it but the spot price of lumber has also been a good indicator for me
I know you like to be historically correct (the Ali photo).
The Cosell quote comes from the Foreman/Frazier fight.
https://youtu.be/JZEIMQ42-oU
P.S. I believe the photo is Ali/Liston.