RE:"Global stocks of crude and crude products have fallen..."PROtrading wrote: I have to agree with my buddy that the Global Stocks of crude have fallen. And OPEC is committed to get the rebalance to happen. They have to. If they don't we know where the markets will go.
Traders made money long or short, producers make money long.
What's really interesting is demand exceeding supply will happen shortly. Most US traders don't even know that's always been the case in the US for years and it's a big issue that Trump wants to address. The US doesn't produce enough to meet it's demand, it's a net importer.
The foreign crude tax will be fun to watch. If I was Trump, I'd put a tax on Brent Crude. BOOM! WTI and WCS crude goes way up and so do companies like BTE! I'm sure some of his advisors are cautioning him because going to $70 per barrel is one thing, going higher will start to hurt the economy in a way the US can't sustain at this point.
Agreed!