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June 14, 2017

Oil Is A Buy Into July 4th Holiday Demand (Video)

By EconMatters

We discuss the EIA Weekly Petroleum Report in this market video focusing on the Oil Market and Petroleum Products. Oil prices are at yearly lows, much lower than this time last year, and the lowest in a decade going into the highest demand part of the Summer Driving Season. Prices should never be this low going into the July 4th Holiday which is about two weeks away. With $45 oil there is no way we are getting to the EIA`s 10 Million U.S. Production forecasts, in fact unless prices rise above $50 a barrel we will struggle to reach 9.5 Million in U.S. Production by year end. There are a lot of shorts in the market going into contract rollover and expiration in both oil and the product`s market over the course of the next couple of weeks. I don`t expect the gasoline demand numbers to stay this low heading into the extended driving July 4th holiday. Once Oil finds a bottom here, expect prices to rise into the July 4th Holiday.

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Item Reviewed: Oil Is A Buy Into July 4th Holiday Demand (Video) Rating: 5 Reviewed By: EconMatters