Malcolm Graham-Wood
Independent Analyst
The oil price staged a Santa rally yesterday, in thin trading and with positive news traders picked oil prices off their lows before the Christmas holiday. The teenage scribblers yet again showed why their Wall Street bosses should not give them a festive bonus as yet again they made a hash of forecasting the inventory situation. Looking for a build of 1.4m barrels the EIA came in with a draw of 5.9m making the analysis if you can call it that atrocious, wrong sign and over 7m barrels out… The rig count was also a small positive, overall rigs were down 9 at 700 with oil down 3 at 538.
Although the retail price of gasoline hasn’t quite gone below two bucks, on Monday it was $2.026, the US AA say that 100m Americans will take to the roads in the next few days, good thing that there are plenty of gasoline stocks eh?
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