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re: Oil Just Hit a 7yr High
Posted on 1/18/22 at 2:48 pm to hubertcumberdale
Posted on 1/18/22 at 2:48 pm to hubertcumberdale
quote:
Do you baws realize crude oil is a global commodity that is traded outside of the United States?
Some of us do. That's not to say that some of Biden/Dem policies aren't adding to the upward rise.
Speaking from a pure economic/market angle, but has happened over the past two weeks to cause such a big jump in a short amount of time?
1
Posted on 1/18/22 at 2:57 pm to notiger1997
quote:
Speaking from a pure economic/market angle, but has happened over the past two weeks to cause such a big jump in a short amount of time?
Well just looking at the weekly inventory the US had a 4.6mm bbl draw last week bringing the commercial stockpile down to 413.3mm bbls, down 68.9mm bbls from the same time last year when commercial stockpiles were 482.2mm bbls
U.S. Petroleum Balance Sheet, Week Ending 1/7/2022
ETA: Also appears some oil tankers were attacked in the Middle East
Oil prices hit seven-year high after attack
This post was edited on 1/18/22 at 3:00 pm
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