EIA data shows a build in crude, but a draw down in the products. Scott George of Alexander Capital tells TheStreet’s Jill Malandrino even though there was a small draw down on the product side, he believes crude still has some more room to the downside because the supply glut still exists and it does not appear that a resolution will be reached anytime soon. On a more intermediate scale, George believes we are in the last innings, but in the next three to four years there will probably be a major change in the development of energy sourcing globally so the downward pressure still exists in fossil fuels.
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