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TMFEditorsDesk (< 20)

Oil Plummeting, Down $4

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July 29, 2009 – Comments (4)

Oil prices are plummeting today, at one point down slightly over $4 a barrel. The culprit this time isn’t speculators, but fundamentals, specifically inventory data.   It came in much higher than expected with a 5.1 million barrel increase over the prior week, nearly 5X greater than analyst estimates!

Frankly I’m impressed that the broader market is holding up as (relatively) well as it is.  Over the past several months this sort of data would have triggered fears over a slow or nonexistent recovery.

-Dave

 

4 Comments – Post Your Own

#1) On July 29, 2009 at 11:58 AM, outoffocus (23.12) wrote:

Frankly I’m impressed that the broader market is holding up as (relatively) well as it is.

Yes...Almost like a calm before the storm...

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#2) On July 29, 2009 at 12:48 PM, dudemonkey (38.61) wrote:

Where do you find inventory data?

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#3) On July 29, 2009 at 12:53 PM, DaretothREdux (44.79) wrote:

dudemonkey,

Bloomberg always reports it (weekly I think).

Dare

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#4) On July 29, 2009 at 1:59 PM, TMFEditorsDesk (< 20) wrote:

The best way to get this data is straight from the horses mouth at the EIA.  The site can be a bit unweildy, but they have all the energy data you could want.  Here is a direct link to this week's report.

 http://tonto.eia.doe.gov/oog/info/twip/twip.asp

-Dave

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