I don’t want to hear about some surprise, “less than expected” build in crude today. How anyone had enough sense to try to fool my teeming millions into thinking that America would just keep piling on is sad. Of course the new production of U.S. crude to over 9 million barrels per day made us punch drunk. We overpaid high school drop outs MBA money to sit in oil fields to watch for leaks.
A ceasefire in the Ukraine and a surprise interest rate cut in Sweden is giving oil a boost even in the face of massive supply. Even as many crude oil analysts tries to out-bear the next guy there are signs that a bottom in oil may be forming.