Great DOE report, but will Iran and other news let us get to 1.99?

Another good DOE report. Crude gained, gasoline gained, and distillates gained.

Venezula and Nigeria cut their own oil output as a result of “low prices” (rediculous), but that news actually helped push oil prices lower because it was such a small cut (170,000 barrels together). I’m willing to bet while those countries cut their production, Saudi Arabia might be “secretly” ramping up their output.

Back to the DOE report: We’re now well above in every category: oil, gasoline, and heating oil. Not to mention natural gas spot prices have been flirting with $3!

Refinery utilization dropped to 89.9 and gasoline production dropped significantly yet inventories gained.

Looks like its time for fall maintenance!

Iran might be the only issue stopping us from getting a big drop in futures.

We could see $1.99 in scattered areas by weekend if prices drop on the wholesale market today.

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