I’m looking at crude oil, which has been trading in a range for months. Here’s a weekly chart …
The interesting thing is I’m starting to see more and more bullish news …
BP, Shell Cost Cuts May Falter as Drilling Threatens Oil Inflation Revival BP Plc and Royal Dutch Shell Plc may falter in their campaigns to save billions in oil and gas project costs as a resurgence in drilling and demand for engineers threaten to revive inflation in the industry.
Schlumberger Eyes Drilling Future With $11 Billion Acquisition of Smith Schlumberger Ltd., the world’s largest oilfield-services provider, said the $11 billion purchase of Smith International Inc. will broaden service offerings and strengthen its competitive position as advances in drilling technology spur oil and natural gas production.
China’s January Crude Oil Processing Volume Rises 29% on Economic Recovery China, the world’s second-biggest energy consumer, processed 29 percent more crude oil in January than a year earlier as the economic recovery spurred demand, the China Petroleum & Chemical Industry Association said.
China’s Crude Oil Imports to Drive Demand in Tanker Market, Poten Says China, the world’s second-largest energy consumer, may lead an 
increase in demand for tankers as its energy needs rise, Poten & Partners said in a report.
Not all news is bullish. Don’t forget that crude oil inventories are well above the 5-year average. There is no shortage of crude at this time.
Really, it all comes down to the U.S. dollar. As I’ve said many times, crude is acting as a currency, and fluctuating opposite the greenback.
And an interesting note for gold and silver …
Ron Paul Wins CPAC Straw Poll – Back to the Gold and Silver Standard?
Ron Paul-style themes have percolated through the conservative movement since Paul’s beat-the-spread 2008 presidential campaign. Of all those themes, the one that has achieved the widest audience is Paul’s call for a return to money based on precious metals such as gold and silver.
Final note: Rep. Paul is on CNBC right now. He’s being interviewed by a bunch of people who are acting astonished that he doesn’t want to go to war with Iran.
Related Posts
- Crude Oil — Close But No Cigar (03/13/10)
- Are Copper and Crude Poised to Surge? (06/03/10)
- Thursday Charts — Crude Oil and More (05/14/09)
- Crude Oil Chart — Rangebound (02/16/10)
- 2 Crude Oil Charts (09/25/09)
{ 1 comment… read it below or add one }
It’d be nice if they new the consequences of going to war against Iran,not that they can’t beat them.You just have to look back 60 years or so and see the end of the British empire,let alone the country will go bankrupt and more innocent people dieing.
It’s a shame!