Oil prices continue to exhibit significant weakness, after having broken through key support levels. The recent sell-off was punctuated by the large rise in crude oil inventories reported by the EIA, yesterday, of 5.2 million barrels. The Cushing glut has moved down the line to the Gulf Coast, where pricing is now $4.00 per barrel lower than WTI. There increasing calls for the US to allow crude oil exports. If that were to occur, prices would certainly spike. In fact, the mere serious consideration of such a practice would generate a spike higher. Would the Obama administration allow it?
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