A jump in Eurozone and UK manufacturing
PMI gave speculators a reason to push up oil prices in Asia. The commodity
gained 15 points to 46.29 which this writer believes in a pump and dump move by
big traders. There is no earthly reason for oil prices to climb as global
stocks continue to fill storage containers and cargo ships and reserve tanks
around the globe. New estimates show that it will take at least 2 years to make
a dent in the current storage. As global growth continues to decline the demand
for oil should lessen although industry reports show that there will be an
uptick in consumption in 2016. Production continues to increase regardless of
the reduction in future projects by US shale producers and the drop in rig
count. More…
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