The Energy Report: Holy Crude Glut

By Phil Flynn
09 April 2009 @ 10:58 am EDT

Holy oil glut! The markets were playing defense ahead of the first batch of earnings report and ahead of the API report. We saw the trade run for cover to the safe haven play of the moment. Money came out of oil and into the precious metals and the dollar. And it would have been a good thing if you played defense or shorted oil as the API reported another shocking increase in crude oil supply.

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