With crude oil driving this stock market it seems every Wednesday’s market action is somewhat of a crap shoot. That’s because every Wednesday the U.S. government releases its weekly petroleum report and lately it’s been full of surprises.
"It’s widely believed that Wednesday’s data will reveal that crude supplies fell by 1.1 million barrels, motor gasoline inventories fell by 3.6 million barrels and distillate supplies were down 900,000 barrels,” according to published estimates.
You’d think that as supplies fall prices would climb but that might not be the case. Some analysts say oil price are likely to remain suppressed amid concerns that we're in the midst of a global economic slowdown.
But don't tell that to CPM Group founder Jeffrey Christian. He's bullish. “I think there’s a good case to make for oil prices being higher in November and December," he says on Fast Money