Economy
Oil Data Suggests More Pain to Come
Written by John Packard
February 12, 2015
The following article was taken from the Armada Corporate Intelligence Report dated February 11,2015. The report is written by Dr. Chris Kuehl and his business partner, Keith Prather. Dr. Kuehl spoke at our last Steel Summit Conference in September 2014 and will once again be a keynote speaker for our 2015 Steel Summit Conference on September 1 & 2, 2015 in Atlanta, Georgia.
The article suggests that the production of oil is continuing to grow, not shrink as some would have expected with the decline in the price of oil. Here is what Kuehl and Prather had to say:
“It wouldn’t be a stretch to say that the world is focused on the US and whether the petroleum sector here is pulling production or not. After all, the global price of oil has gone up on the prospects that US production was being impacted by closures and mothballing of wells.
“Today, we also got the EIA weekly crude oil and distillates report – and it showed a surprise build in petroleum inventories of all sorts. That wasn’t a surprise; it should have grown at this time of year given that seasonal consumption is weaker.”
John Packard
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