The chaos that one day will ensue from our 35-year experiment with worldwide fiat money will require a return to money of real value. We will know that day is approaching when oil-producing countries demand gold, or its equivalent, for their oil rather than dollars or euros.
After surprisingly large draws in refined products in the API oil inventory report the market has turned the corner and has been trading higher since late yesterday afternoon. The market is in short covering rally ahead of today’s EIA oil inventory report.
China's imports have surged in recent years from OPEC nations such as Saudi Arabia, Iraq and the United Arab Emirates, according to Chinese customs data. The U.S. is still No. 1 in crude imports from the entire world.
To have a more complete picture of the current situation in the oil market, we take a look at the charts from different time perspectives. Additionally, we explore how it relates to oil stocks and the oil-gold link.
Japan growth misses the mark as its GDP came in at a disappointing 2.6%. This comes after oil rejected breaking out to the downside on the heels of terror threats to oil out of Yemen and embassy closings as well as strong data out of China.
Oil demand is surging and commodities are on a tear as Ben Bernanke helps add into a buying frenzy. Oil and gasoline have led the commodities market to an eight-day winning streak, the best since 2010.
A wildly bullish American Petroleum Institute report and reports of refinery issues as well as a blowout had crude go crazy late in the day. The bulls have gripped control as the market has gone out of control.