This is such an awesome example of how something we have been wishing for can be reported in a very lack-luster fashion. The headline is fairly neutral, though is the lack of demand really “stunning”? “OPEC scrambling” almost makes me feel sorry for them. At any rate, the writer of the article, George Jahn, seems to be just reporting the facts. Good as far as I’m concerned, but look at this section of the article,
Crude investors appear to have factored in the likelihood of large OPEC oil production cutbacks and are instead looking to stock markets for signs on how the U.S. economy will weather the current. On Wednesday, Wachovia Corp., which is being bought by Wells Fargo & Co., said it swung to a huge loss in the third quarter while the drugmaker Merck & Co. said its quarterly profit fell 28 percent and that it would cut more than 10 percent of its work force.
Commercial and personal property insurer Travelers Cos. said hurricane-related losses pushed its third-quarter profit down 82 percent and forced it to lower its full-year forecast.
This isn’t good news, but what about the companies that reported great earnings? Can anyone say Nucor? Sun Power? just to name to recent reporting companies. I mean, Jahn mentions Wachovia and Travelers. Did anyone expect different earnings results? So, the positive results of a drop in oil aren’t reported just the negetives of what is going on at the moment. A good article, but for as much as the media raged about the increase in oil, can’t we get some adulation on its decline?