Energy report for Friday, September

Just by saying it doesn’t make it so! The International energy Agency and OPEC said oil production is outstripping demand by 1.5-2.0 million barrels per day. Baloney! If that’s the case, then where’s the oil?! It certainly didn’t show up in yesterday’s weekly reporting on supply from the API and the Department of Energy! According to the DOE, crude oil inventories dropped 1.4 million barrels and has overall crude stocks at a 5 month low. In the last 2 months crude stocks have fallen 19 million barrels. Just cause they say it doesn’t make it so!

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