The magazine covers above are from all your “peak oil” pundits and economists. Geniuses all. They now are lane supervisors at Jiffy Lube, some are still employed and remain clueless for the most part. We were all out of oil and our lives were soon to be reduced to a scene from “Escape From New York.” Remember?
Right now crude is obviously trying to carve out a bottom. It bounced today because OPEC went down on bended knee and begged Russia and other partners to stop the madness.
But after the close today, the API # was released and showed an 11.4 million barrel inventory build. This was the biggest inventory build since 1996.
This is what crude looks like right now.
We’ll see if this improves overnight or not, but one thing is for sure, oil has a long battle ahead.
Apple reported after the close and it was a pretty tepid #. The stock is down a little under 3% right now.
Expect fits and starts with both oil and this market as they both try to find their footing going forward.
See you in the morning.