Gold Silver Reports ⇒ U.S. crudeoil producers reeling from an 18-month price rout have cautiously begun hedging future production this week, fearing this may be their best chance yet to lock in a $45 a barrel lifeline for 2017 and beyond.
Gold Silver Reports –China’s insatiable appetite for crude is at least one thing oil bulls can count on this year.
The world’s biggest commodity consumer may buy 8 percent more oil from overseas in 2016, taking average purchases to 7.2 million barrels a day, according to the median of seven respondents in a Bloomberg survey including FGE and Energy Aspects Ltd. The country’s inbound shipments in the first 11 months of last year increased 8.8 percent to 6.63 million barrels a day and touched a monthly record of 7.4 million in April, customs data show.
