RE:RE:RE:RE:RE:RE:RE:RE:RE:Best of times, worst of times7.5Mbbl increased crude oil inventory for the week is not the whole story. Go to the EIA website and you see that total oil inventory, including products, was DOWN 1Mbbl for the week (1929.5M to 1928.5Mbbl). And imports of crude oil to the US were up 2Mbbl in spite of lower refinery utilization rates. Bottom line - US shale oil is NOT growing and has rolled over. So, the traders and speculators are interpreting today's EIA Inventory Report as bullish...and thus WTI is up nicely today. Is this a trend? Looks like it could be the start of a bull market for oilcos...especially juniors like YGR where the Edm Lite diff has reduced significantly in recent days from $9US to $5US.
With Edm Lite @ $61CDN, I should have bought more yesterday. C'est la vie.