Oil inventory levels continue to rise on a year over year and absolute basis. Considering the seasonality of energy usage I added a graph showing the year over year % change. 
Numerous factors are keeping oil prices up (weak dollar, tension in the Gulf, predictions of a recovering world economy, oncoming winter, etc.) but the higher inventory levels rise the harder it becomes for oil prices to remain elevated.
Source: http://tonto.eia.doe.gov/dnav/pet/hist/wtestus1w.htm
No comments:
Post a Comment