The inflation indicator has ticked up in February, reflecting
higher crude price realizations and strength in the industrial
commodities composite. The crude picture partly reflects colder
than normal weather in the US but likely also belligerent talk
from both the US and Iran re: Iran's nuclear enrichment program.
Iran loves a higher oil price and the oil patch pals of GWB and
The Shooter do not mind it, either. 'Tis not smart for the US to
get too verbally nasty because these are tender moments for the
economy. The oil market is not overbought, and there is resistance
all the way up at $64. Yr/yr price momentum remains negative and
thus is a continuing drag on industry profits. Oil chart.
No comments:
Post a Comment