To keep this idea going, I wanted to first share the results from yesterday’s “What Might Get Unreported by the Media?” The Nets went 0-for-6 last night, sports fans. Not one of the broadcast network evening news programs felt the president’s approval rating at a twelve-month high, or inflation declining for the second month in a row, would interest their viewers. Amazing.
What might they ignore today? Well, as reported by Bloomberg, oil prices have now totally erased their gains this year:
Oil posted the biggest decline in four months yesterday after Bush said he will give negotiations a chance to prevent sanctions against Iran, the world's fourth-biggest oil producer. Crude also dropped further today on expectations that a government report will show U.S. heating oil and gasoline stockpiles rose.
There are ``plenty of stocks'' and ``more bearish sentiment added by diplomatic efforts by the U.S. to resolve the Iran nuclear row,'' Edo Gerbrands, a Fortis Bank trader, said by phone from Brussels.
Crude oil for October delivery fell as much as 91 cents, or 1.5 percent, to $60.75 a barrel in after-hours electronic trading on the New York Mercantile Exchange. The contract, which expires today, traded at $61 at 2:12 p.m. in London. The more actively traded November contract fell 69 cents to $61.48 a barrel.
The oil price was down for the year for the first time since March. The October contract fell 3.4 percent to $61.66 a barrel yesterday, the lowest close since March 21 and the biggest one-day decline since May 15.
Prices may plummet further today depending on the weekly inventory report from the Energy Information Agency: “The U.S. Energy Department inventory report later today ‘is going to test’' the $60 mark, Gerbrands said. The oil price may fall below $60 `if not today, then tomorrow,' he said.”
Will any of this get reported this evening by the Nets? Would they be reporting this if oil was heading higher approaching its $78 all-time high? On the other hand, all three might report this decline, and present it as being a bad thing much like USA Today did on Monday.
Place your bets.