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Commodities Briefing - Categorized | Oil, Price Watch more

Goodbye, $100 oil. Hello, $3 gasoline!

Posted on 04 November 2013

Crude-oil stockpiles in the U.S. are heading toward a record, pushing off a return to $100-a-barrel oil, and giving drivers a shot at $3-a-gallon gasoline. “With the overhang of crude supplies building over six weeks, we are unlikely to see $100 oil again very soon,” said Kevin Kerr, president of Kerr Trading International.
“This is good news for refiners and ultimately consumers” as it should depress gasoline prices at the pump. U.S. weekly crude supplies have jumped nearly 8% since mid-September, according to figures from the Energy Information Administration………………………………………..Full Article: Source


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