Malcolm Graham-Wood
Independent Analyst
The last bit of data that came out of the inventory stats was the final nail in the coffin for oil prices, stocks at Cushing grew by 1.4m barrels and what with the Gulf, stocks are just too high. In the next week or two any good news on inventories will be put down to refiners tax manipulation so if I were you I would take the Christmas break off, starting tonight. With a strong dollar against almost anything there are few technicals to clutch at and the charts all look dreadful as well.
News in the natural gas market doesnt get any better either, last nights close was a 16 year low, remember back to March 1999 anybody?
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