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http://seekingalpha.com/article/3987207-lurching-global-economy-pushing-oil-prices-inventory-draw-weak Lurching Global Economy Pushing Oil Prices Further Down - Inventory Draw Weak. German exports in May drop to 9-month low. Asian economic growth continues to slow. U.S. oil and gas stockpiles dropping slower than expected. OPEC and Russian production continue to climb. Oil prices for 2016 should continue to trade sideways. Click to enlarge source: Stock Photo Most of us are aware that economic growth in Asia is slowing down significantly, but recent data from Germany confirm Europe is coming under pressure as well, suggesting we're moving closer to a global recession, which will put downward pressure on oil because of falling demand. In the U.S. the inventory draw was less than anticipated, pointing to demand not being as robust as the market was thinking. Gasoline inventory in the U.S. also showed signs of being stronger than expected, with refiners having no problem meeting summer demand. Some OPEC countries and Russia have also been increasing supply to the market, with some production shrinkage in the U.S. offsetting that growth; although some of the stronger shale producers have been completing wells, which could bring more oil to the market than is expected. We have no idea yet of how the addition of shale production from premium wells have affect oil, but at worse it can only make the inventory draw slower and supply higher. At best it could be disruptive if it adds enough oil to increase supply against demand. Data collector OPIS said for the week ended July 1, 2016, the oil market was still being oversupplied, exceeding demand by 350,000 barrels per day. With oil from outages returning to the market, a slowing global economy, OPEC and Russia increasing production, and shale producers completing more wells, it points to more supply than the market expects, with the pace of demand slowing with it. Taken together, it will result in oil trading sideways for at least the remainder of 2016. European economy Germany's economy is starting to slow so much, some like Dekabank analyst Andreas Scheuerle believe it will contract in the second quarter. That's even if June data remains the same as May, which was very weak. Even though it appeared Germany's economy was strong in the first quarter, allegedly growing by 0.7 percent, a significant part of that was from government spending on people from the Middle East being brought into the country - that was included in the data. On the positive side consumer spending was decent and investment in construction also increased. For the second quarter, economic growth could plunge to only a 0.1 percent growth rate. That is probably the best-case scenario. Exports in May plunged to a 9-month low, which followed a weak report for industrial output earlier in the week, where it experienced the largest monthly decline in almost two years. Orders were also down below expectations. With the exception of the euro zone, German exports were weak everywhere else. Visit CHAOS View Archive For More CHAOS NEWS: https://www.youtube.com/channel/UCUiFq-IUU64l62ygPdbVnIA . Chaos & Mayhem All Around - Riots Protests - Michigan Summer Of Rage Continues - RNC Cleveland https://www.youtube.com/watch?v=4rREYMYJEr4 CHAOS Theory - #001 - LRAD Long Range Acoustic Device Purpose Usage Riot Control Cleveland 10 Minutes Of Chaos On Challenging The Rhetoric With Cheri Roberts #35 https://www.youtube.com/watch?v=MGbedUbJbKc . https://www.youtube.com/watch?v=F9sFlMJ2oug . https://www.youtube.com/watch?v=plUzxHcQZqw . https://www.youtube.com/watch?v=oAZPvzLmyzA . http://www.oregonstandofftrials.com/ http://www.bundyranchtrials.com/ oregonstandofftrials bundyranchtrials oregon standoff trials bundy ranch trials . chaos_view_archive@gmx.com