The Guest Blog

Schork Oil Outlook: Good News for Bad News Bears

Stephen Schork, Editor, The Schork Report

Crude stocks increase trumps expectations.

This morning the DOE reported its largest build in crude oils stocks since September, a whopping 2.1 Mbbls increase which beat out all but two of the fifteen economist estimates in Bloomberg’s survey.  Traders’ knee jerk reaction was bearish with a capital B, wiping out all of this week’s gains in early morning trading to push prices below $76.50 from yesterday’s 79.04 high.

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