Thursday, May 5, 2011
Bit of a correction in the oil markets today. Looks similar to the events about this time last year, but a little more pronounced. That presaged a quite noticeable slowdown in the US economy over the summer of 2010. Maybe that unemployment claim number this morning has got markets thinking the same thing is happening now, and that prices had overshot the mark.
Data is from EIA with the last two days filled in from news stories. Graph is not zero-scaled to better show changes.