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When we took a look at the current oil picture this morning, we noted that analysts were expecting to see an 800,000 barrel increase in oil supplies last week. Well, that was not to be, and instead the US Energy Department just announced that inventories actually dropped by 1.1 million barrels.
With prices already trading near to the $100 mark, today's report could be just what the market needed to break through the psychological barrier. Before the report came out, prices had actually moved into the red on the day, but quickly rebounded back into positive territory, currently trading up 0.16% on the day to $98.20.
Based on today's figures inventories are now running 6.9% below last year's levels.
While it doesn't look like the bulls are going to be able to push prices through the century mark in today's action, today's report is definitely setting the stage for $100 oil soon. I would expect to see prices today continue to hover around $98, but would not be surprised at all to see $100 oil by week's end.
Michael Fowlkes has worked as a stock trader for seven years and spent the last two years working as an analyst for the online investment advisory service Investor's Observer.
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Reader Comments (Page 1 of 1)
11-21-2007 @ 2:30PM
PaulChristenson said...
When we took a look at the current oil picture this morning, we noted that analysts were expecting to see an 800,000 barrel increase in oil supplies last week. Well, that was not to be, and instead the US Energy Department just announced that inventories actually dropped by 1.1 million barrels.
Sounds similar to what was happening in IRAQ...US paying for nondeliveries...anyone watching the FOXES who are watching the HENHOUSE???