US crude oil inventory report today

The Oct NYMEX crude oil contract closed lower at $91.15 and is down a vast amount (38%) from $146.73 on July 15, two months ago. A move of this size in such a short period of time has to trigger suspicions that a correction must be coming. Bloomberg writes that so far today, we are already seeing prices up, with the overnight high at $95 and the price at 11:25 am GMT at $93.75. We get the US inventory report today, no doubt a drop because of the hurricanes and with Nigerian unrest going into the th day. “Goldman Sachs cut its three-month forecast for crude oil to $115 a barrel from $149, citing the global credit crisis and demand weakness,” says Bloomberg. This is still over $100 and not the drop to the low of the year around $86 that we all want so fervently.

bye for now

Barbara Rockefeller

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