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WTI Holds Losses After DOE Confirms Large Cushing Inventory Build Despite Crude Production Cut
Confirming API's data overnight, DOE reports a build in overall crude inventory (961k barrels - less than API) foro the 9th week in a row but more worryingly a significant build in Cushing inventories (+1.74mm barrels) for the 3rd week in a row. This 'bearish' shift is offset for now by the biggest drop in overall crude production in 7 weeks.
Dramatically more than seasonally expected...
And it's filling up...3mo highs
As Crude production fell the most in 7 weeks...
And the reaction is muted as WTO holds onto losses post-API...
Charts: Bloomberg
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After the 29th the price will drop. Shorts please.
since most of their hedges have expired, eog probably has a way to go.
Bullish oil
No worries, the Keynesians promise that supply automatically creates demand......
Most of the Bakken will be closed for the last two weeks of December, read December 19 to January 4, and at current count close to half of the companies are going to go off line until Jan 4 starting with the Thanksgiving Holiday tommorrow. How many will come back in January may be in question. But at this time they are all planning on returning. My son is working for one of the top 5 oil field services firms in the Bakken and they are closing the December 19 to January 4 period because of the lack demand for their services.
Genscape number was out Monday so the market had the information. A little nervousness about Turkey and the upcoming OPEC meeting where Saudis might say Boo!. Otherwise be short WTI vs Brent it is going wide. Sell the Jan Feb and Mch Arbs
Put that in your stocking an make some money.