Thursday, June 30, 2011

IEA Already Considering Extending Oil Release Period, Fireselling More Crude To China

Sure, why not?
And when U.S. bacon prices start to reflect the move in pork bellies, China will bust open their Strategic Pork Reserve, right?
Chart via FinViz:

From ZeroHedge:
Following the abysmal decision by the Obama administration, presented in IEA letterhead, to release crude stockpiles, the resulting lower prices lasted less than one week, and in the case of gasoline, the price has actually surged way above the decision day fixing.

So what is an administration with no credibility to do? Why double down of course, and sell even more crude at firesale prices to the Chinese.

Per Reuters: "The International Energy Agency could decide by mid-July whether the release of strategic oil reserves needs to be extended for a month or two, an official said."...MORE