Crude and Petroleum Products Storage Depleting Rapidly


Crude and Petroleum Products Storage Depleting Rapidly

EIA (Energy Information Agency) historical data going back to 1990 shows that the past year has seen stocks (storage) depleting more rapidly than any other year. I have reasons to believe demand is rising and if anyone is curious I will elaborate further but these ideas that I’ve been posting don’t get much attention. I’ll just say that diminishing supply and rising demand suggest a rising price. Last two times oil reached the $90 level it exceed $110 not to soon thereafter. There are plenty of technical arguments to make for going short here so I won’t outright go long and just sit on the position, I may wind up shorting this thing down to 50, anything is possible, but my bias is slightly bullish based on the fundamentals.

Edit: The scales get all messed up when publishing unfortunately so the neither x nor y data is shown in the right location on the bottom chart, but you get the general idea.

In the comments below I’ve added a link to what it’s supposed to look like. Also, it looks like the thumbnail shows it correctly.