US Oil Inventory Report....
I'm starting to think that this weekly report of US domestic supply is becoming somewhat irrelevant....found the following interesting...
"That all said overnight the China Petroleum and Chemical Industry Association indicated that refinery processing may increase by about 7.5% in 2011 reminding the world that the main oil demand growth engine is still a factor in the overall movement of supply, demand and global inventories toward a pre-recession level. China represent about 30% of the world's projected oil demand growth this year. This has resulted in crude oil prices rising a bit overnight after getting pummeled over the last several days. The upside reaction has spurred Brent even higher as more and more oil investor/traders continue to trade the Brent contract (open interest is continuing to rise) over WTI as many now view Brent as a better gauge of the world oil situation. The fact that inventories are hovering near record high levels in both PADD2 and Cushing, OK with even more Canadian crude heading to this area of the US suggests to most participants that the relationship of WTI to the other world's crude oil is very undervalued and not truly representative of the bigger oil supply & demand picture. WTI is now trading at a discount of about $9.65/bbl below Brent or at record low levels with no short term solution to the overhang of crude oil in the US mid-west region."
full article,,,,
https://www.futuresmag.com/News/2011/1/Pages/Oil-inventories-build-while-refinery-utilization-drops.aspx