I don’t know if oil inventory really built up by 9 million barrels, but it’s crazy if true. It goes without saying that the oil patch desperately needs a JP Morgan figure to emerge and start declaring losers – buying them out – and fast.
The oil spigots need to be turned off to appease the caprices of the markets. Players will not stop bleeding the oil space to death until they are given blood offering. You’d think Cain’s suffering would more than qualify, but it does not. Someone needs to lock these losses in and make their way to an early retirement; the Market Gods demand it.
In all reality, this 9 million number crawled out of the American Petroleum Institute, an organization that’s sole purpose in this world is to advance interests of oil and gas companies. The conspiracy theorist in me is saying that this is a bullshit hyperbolic number that’s been crafted just so the oil patch can easily crawl over it and surprise the Street.
Fine, I call. Let’s see if you can actually send my portfolio any lower, you dogs. I dare you to try.If you enjoy the content at iBankCoin, please follow us on Twitter