RE:RE:API....tvstock wrote: OPEC cuts finally knocking the door . The last few weeks of gigantic builds have to be caused by refiners unloaing crude from tankers already at US coast onto land to avoid a remotely possible BAT. These nearby tankers can unload easily.
Think a huge chunk has been floating storage being dumped to cheaper land storage. The contango outside of WTI does not provide any profit to storage anymore, especially off-shore that costs 30c+ per month per barrel.
It was always an inevitable part of the rebalancing process. People want everyone to freak out and focus only on the US numbers, but fact of the matter is, much of it was just old oil that was always there changing location. If you are trying to determine the overall market trend, do you care more about a defecit forming at a global scale? Or do you care more about stocks in 1 location increasing while they decrease everywhere else? We all know where the bears want everyone to focus.