Crude oil and product prices are putting in what should be a major seasonal bottom as global oil demand surges and the U.S. Petroleum Industry looks to fill the globe’s needs. In fact, the U.S. petroleum industry is doing their part to try to reduce the trade gap by exporting record amounts of oil and products. The U.S. shale revolution is touching the world in ways thought unimaginable by many just a few years ago.
As our loyal readers know, at U.S. Global Investors we carefully monitor the price of gold. We pay close attention to the macro drivers moving the yellow metal, like government policy and cultural affinity spurring demand globally.
Gold has now recovered from being negative to close the day higher on three occasions in as many days since Friday. The bulls’ resilience is noteworthy, but not exactly remarkable as there has not been much follow-through yet. Indeed, the metal was trading lower again at the time of this writing.
Rex Tillerson out as secretary of state, inflation is stable and OPEC cuts will remain in place, a bullish American Petroleum Institute report... Crude oil prices had some wild swings yesterday as the market whipsawed from one headline to the other. Oil was modestly higher but plunged after a report that Iran was thinking to raise output to pay off some Chinese investors.