If the title of this post doesn’t jibe well with reality, it’s because you’ve haven’t transcended your physical frame into the multiverse, where all of the basic laws of physics and math have different rules.
The EIA just reported a build of 1.4m barrels of crude vs the expectations of a draw from between 900k-1.9m. At first, that sent crude lower. Then traders had a look at the gasoline draw of 3.2m and decided ‘good enough.’
“Risks for oil remain skewed to the downside in the second half of 2016,” analysts at Morgan Stanley said in a report. “Supply disruptions and risk appetite were supportive April-June, but fundamental headwinds are growing, which outnumber any recent positives.”
Standard Chartered bank said there was “no fundamental justification for recent oil-price falls” and “the global oil market has rebalanced, and U.S. crude supply and inventories are expected to fall.
On this news, WTI is higher by 1.8%.
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Things are not allowed to go wrong whilst Obama, a man that has no problem distorting facts and misrepresenting things to us children in order to present his version of reality, is in office.
^^ This!
You guys don’t get it…gasoline will not fall under $1.60. -1.70 there is too much demand at these prices and we are living in 2016 not 1970?