RE:Trump Meeting with Liu He tomorrowI was a bit surprised yesterday oil inventories not drawing as quickly and actually increased. How can a quarter have passed and only dented a bit? I get curtailment volumes being phased out and rail shipments declined relative to last year given such narrowing of differentials to make no longer economical but seems very likely curtailments need extensions and differential needs to widen and is too tight now and not optimal mix. Without pipeline capacity added and nor government divine intervention at some point another crunch period looming. Kenney has commanding poll lead and he will drop rail plan so something else will be needed in short to medium term to bridge gap unless he wants to simply leave market to own devises to remedy?
Am I missing something here or any thoughts?
This uncertainty is what keeping big and serious buyers on the sidelines and hence allowing shorts to churn relentlessly.