The Energy Information Agency shocked the market by reporting that U.S. Crude supply increased by 6.7 million barrels putting supply at the highest level in 82 years. So much for that uptick in gasoline demand.
Oil prices fluctuated yesterday on lots of news and lots of supply. An earthquake in Iran gave oil a pop, but after the close the American Petroleum Institute reported a whopping 5.1 million build in crude oil supply.
In the past when OPEC’s back has been against the wall, like the late-1990s, energy prices and demand rebounded to save them from the ash heap of history. Yet this time may be different. Why? Because OPEC is not the only game in town!