By EconMatters
We discuss the EIA Oil Inventory report in this video, focusing on the glut of inventories, especially the record product inventory levels on the east coast. Oil should be much lower based strictly on the current inventory levels. OPEC Jawboning, Equities up in high liquidity environment, Import Taxes, Trump Optimism, and Geo-political tensions with Iran all propping up Oil, keeping it higher than the fundamentals of the market currently justify.
The longer oil markets are manipulated against the fundamentals, the harder the next leg down in the oil market is going to be when it comes! Maybe we will finally have some majors declare bankruptcy this time around, and go full stock out of business in the next inevitable oil market crash testing last year`s lows.
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