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Short update for you today, because the big news will be tomorrow when the EIA reports Crude Oil Inventories. The EIA, or Energy Information Administration, puts out this weekly report to show how much oil and petroleum products are currently stored in the U.S. It’s important because it gives traders a clear sense of supply and demand. If inventories are up, it usually means lower prices. If they’re down, it could signal potential shortages — which could, in turn, push prices higher. With China’s demand for oil weakening, all eyes are on this report to see if U.S. inventories are building up. A larger-than-expected increase could keep pressure on prices, while a decline might stabilize things a bit. Right now, oil has been on a downward trend due to China’s decision not to boost its stimulus package — something that hit not just oil, but also copper and Hong Kong’s markets. The U.S. and European markets didn’t seem to care much, but it’s a sign that China’s demand is slowing, which is not what the energy markets want to see. That’s why tomorrow’s EIA report is so critical. It’ll give us a snapshot of supply and demand in the U.S. and could set the tone for the rest of the week. Let’s see what the numbers say, and I’ll have more thoughts after we get the data. — Geof Smith P.S. No matter what the reports say, I’ve been playing the energy market for weekly income. See how I’m doing it here. |
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