728x90 AdSpace

Latest News
June 22, 2017

EIA Oil Report Analysis 6-22-2017 (Video)

By EconMatters

We discuss the EIA Oil Inventory Report in this video, it actually was a pretty good report, with gasoline doing a lot better from a demand standpoint than all the pessimism in the market. I expect the next two EIA Reports to be good in front of the July 4th Holiday, and with the products and Brent contracts expiration coming up next week, I expect some short covering, and a little bit of a short squeeze in the oil market. Gasoline is too low given the demand numbers we are going to see over the next two weeks, and the current price in the futures market, it shouldn`t be this low heading into the July 4th extended weekend. Needless to say, there are a lot of shorts in the market, and a nice 10 Million drawdown in Crude over the next couple of weeks will squeeze a lot of Oil Shorts who have gotten a little carried away here given the time of the year.

© EconMatters, LLC All Rights Reserved | Facebook | Twitter | YouTube | Email Digest | Kindle

  • Blogger Comments
  • Facebook Comments
Item Reviewed: EIA Oil Report Analysis 6-22-2017 (Video) Rating: 5 Reviewed By: EconMatters