RE:USD is near strong resistance at 95-now 94.260606060 wrote: When crude hits $47 again the move up will be fast.
CPG has hedged 34% of 2016 at about $80. So, we are set to see big gains. Also read this. https://www.dailyfx.com/forex/technical/home/analysis/usoil/2016/05/11/WTI-Crude-Oil-Price-Forecast-Stock-Drop-Makes-Oil-Go-Pop.html
Everyone is so quick to point to the Canada wildfires as the reason for the draw last week, but it had absolutely nothing to do with it. It was simply a demand increase and reduction of domestic supply. Imports were flat for the USA, and Canada imports were actually up in that report.
It takes ~2 weeks for crude from north AB to get in the USA to actually be counted on reports like EIA. It might not even have an effect on the next EIA report, possibly 1 or 2 days of the losses will be there. The report after that, expect a very significant draw, and again and again for however long it takes production to come back plus the 2 week delay.