Oil: Another down day as one might expect
|Another down day as one might expect, this process is going to take some time and it wouldnt be normal if a combination of greedy hedgies and short term ambulance chasers didnt knock the market some days. The last couple of days have been all about Iraq and the extent to which they are cheating on their quota, to be fair it was obvious from the start that there would be an element of floutage and if this hasn’t been built in by the Saudis then i’m the Shah of Persia.
The API stats came out after the close and the 1.5m build was only slightly over the 1.2m guess, gasoline was in line at 1.7m but distillates were much higher than forecast at 5.5m barrels.
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