Loading ...I couldn’t find a bullish article…it was 5 cents–same price as in 1972–I. bought 100 calls. [commodity cslls] for $13,000 with a year and 3 months on them…outa nowhere bullish news came from India and a few other places-I think sugar went to 7 or 8 cents–not a. huge. rise–I made about $75K…
Oil futures finished with a loss on Wednesday as U.S. government data revealed a second weekly climb in domestic crude inventories.
Also weighing on prices were news reports saying Saudi Arabia had restored most of crude production capacity, recovering from attacks on its facilities earlier this month.
U.S. supplies rose more than expected last week, though was “largely offset by the less-bearish to mildly bullish inventory statistics for the refined products,” said Tyler Richey, co-editor of Sevens Report Research.
Domestic crude-oil production edged higher by 100,000 barrels a day to “revisit the all-time record high” of 12.5 million barrels a day, which is slightly bearish, he said. However, “in the face of the uncertain outlook for Saudi Arabian production right now, the market is capable of absorbing elevated U.S. production for the time being.”