In yesterday’s FOMC Minutes Instant Reaction piece, we used the analogy of Goldilocks and the Three Bears to describe Federal Reserve officials diverse views on whether the economy is running “too hot” or “too cold.”
The last few days were quite encouraging for crude oil bulls as the black gold rallied above two declining resistance lines and the volume during Tuesday’s upswing was high. Is this enough to make the outlook bullish?
Is the United States increasing its reliance on foreign crude oil? Well it seems last week did. Despite the glut of crude oil in the United States we decided to import the most oil we have all year leading to a stunning 10.9 million barrel increase in crude oil supply leading to the most oil in inventory since about 1930.