The combo of a bearish U.S. crude oil inventory report on Monday followed by expectations for another large build in crude oil stocks in Wednesday’s EIA oil inventory report sent futures prices tumbling on expiration day for the November WTI contract.
Commodity stocks, lagging behind the Standard & Poor’s 500 Index by the most in 15 years, are poised to rally as analysts estimate profits will rise almost twice as fast as the rest of U.S. industry in 2014.
Isn’t amazing how all of a sudden bullish stories seem to materialize when markets are at key support and oversold? Oil, which couldn’t buy a bullish story, all of a sudden got three that turned the market’s fortunes.
Pull out the party hats! Dow closed above 15000 for the first time in history! Although the Dow is rocking, and that has been a factor in the increase in oil from the lows, Dow records are just not what they used to be.
A better than expected Jobs report and Israel attacking Syria's military and weapons instillation has shocked oil out of it recent bearishness. Oil is on a tear and is bringing the products along with it.