RE:RE:Flat WeekThat wti came down recently is probably not a surprise, 2nd quarter demand is the lowest of the year and is 2 million bpd more in the 3rd quarter and 4th . Refinery capacity has been lower due to delayed maitenance from the first quarter and it's almost a certainity the Saudis have been sending extra barrels to the the US, probably at a discount to keep Trump happy for sanctions on Iran.
The real problem and what's caused Surge to drop 12% quickly is wcs. It's crashed literally 30% in just two weeks! Why? no one really knows, but for me it's nafta negotiated related. The wti is the American price, the wcs is the Canadian price and the fact that the Canadian price crashed so quickly reeks of manipulation. It's like Canada see what we can do to you and what we pay for your oil if you don't play ball.