This article was published by The McAlvany Intelligence Advisor on Friday, March 10, 2017:
The tsunami threatening to sink OPEC into oblivion began early Tuesday. At the time, crude oil was selling for $54 a barrel, with expectations that the price would move higher. Those expectations were reflected in the highest ratio of longs to shorts that the Commodity Futures Trading Commission had seen in ten years.
And then came the announcement from the American Petroleum Institute that domestic crude oil inventories rose by a whopping 11.6 million barrels the previous week, against expectations of an increase of just 1.6 million. The selloff began, pushed along on Wednesday following the report from the U.S. Energy Information Administration that