RE:US oil inventoryoiltar wrote: It is expected the oil sands will take at least 1 month to retore the 1.5 million bpd to full production.
US oil inventory will plummet and the US as of todays drop of 3.5 million bpd does not yet even take into account the oil sands yet.Next week that short fall will show up and 10 million brl drop is in store.Oil will print $50 and CPG will be $25 over the next couple weeks.
The reality is that this is a temporary production reduction.
Think of it this way. If by the time the Oil Sands are back to full production 30-40m barrels were not produced compared to the amount of Oil currently in US storage, it’s a drop in the bucket and some of it will be replaced from imports from elsewhere.
The important thing is that the US lower 48 and production continues to decline which does support improved prices going forward.
As Always; Do Your Own Due Diligence; It’s Your Money !!