Inventories up, and inventories down. Crude oil prices are conflicted about rising U.S. oil inventories versus a dramatic drop in global oil inventories. While the EIA reported a 2.8 million barrel increase, a report by Bernstein Energy is showing that global oil inventories have fallen by 24 million barrels to 5.7 billion barrels in the fourth quarter of last year from the previous quarter.
President Obama never had any intention of approving the Keystone Pipeline. In a cruel manner he kept TransCanada waiting for a decision regarding the pipeline as he stalled, lacking the courage to be honest and kill the pipeline--all because he feared a negative political backlash from unions and the American people, all of whom supported the building of the pipeline.
Crude oil prices rise as geo-political risks and weather risks come back into play. This comes as the man who wrote the history of oil, Daniel Yergin, says that oil is near a historical bottom and the Obama Administration continues to play cruel games with TransCanada Corp. and the approval of the Keystone Pipeline.
In what may be a wise move, TransCanada Corp called a time out with the State Department to pause its review of the Keystone Pipeline. The reason TransCanada says, is because they are reviewing with the State of Nebraska where the pipeline will be played out but in reality, they are calling the time out to freeze out the U.S. State Department under President Obama who may actually reject the request.