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Mullooly Asset Management, Inc

Mullooly Asset Management

Fiduciary Fee-Only Financial Planner | Investment Advisor in Wall, NJ

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What To Do With All This Oil?

March 23, 2015 by Timothy Mullooly

For the ninth week in a row, the amount of US Crude Oil in storage has expanded.  The US seems to be at a crossroad with too much oil, and nowhere for it to go.  Matthew Phillips wrote an article for Bloomberg last week  that reiterated some mutual feelings on this situation.

Since October, the amount of oil stored there has almost tripled, to more than 51 million barrels. As oil prices have crashed, from more than $100 a barrel last summer to below $50 now

Phillips also went on to say:

Oil investors appear to be coming around to the notion that a lack of storage capacity could lead to another price crash.

Do we think that there will be a quick rebound in the price of crude oil?  As of 3/11/15, our Point and Figure charts say “not so fast”.  We could potentially see these prices test the bottom again before making a push higher.  We’ll just have to wait and see.

Source:

http://www.bloomberg.com/news/articles/2015-03-12/oil-storage-squeeze-may-lead-to-another-price-crash

 

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Filed Under: News Tagged With: market conditions, point and figure

1971 State Route 34, Suite 102
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The information on this website and blog do not involve the rendering of personalized investment advice. A professional advisor should be consulted before implementing any of the options presented. None of the content contained in this website should be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation.

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