Weekly US Field ProductionThe above has fallen by over 200k bpd over the past 8 weeks now, down by 92k bpd over the past 2 weeks alone.
The wind direction is clearly changing now. Predictions of $20 oil are still fresh in the memory from a time when a tiny minority of analysts envisaged an approaching oil supply crunch. This will hold back high price oil foreacst and rapid buying for a little longer, but only for a little longer now, they can only deny the inevitable for so long.
Doug