RE:RE:RE:RE:RE:2.15 has been hit...I think refiners are playing us a bit here. Products inventory vs 5 year is leaning low.
Some areas of the world have seen product shortages, and product tanker rates are starting to climb.
At some point they will ramp up utilization, question is when.
They dont want to be the ones stuck with huge product builds, and if they draw out the timeline, they can ensure they wont be.
The good thing is we have time on our side. product drawdowns will translate over to crude without increased production.
kavern23 wrote: The heavy indebted companies like BNE, ATH, etc should react worse then CJ going forward on any price drop...in any worse case scenario.
Above 2 bucks is all that matters too be today on CJ.
Crude oil to refineries is down like 2.4M barrels per day compared to last year...we need a 1 million barrel demand increase within next few weeks or this rally could die...
BadShituation wrote: kavern23 wrote: Yuck...not a great oil inventory report...need the crazy oil bulls to carry us today in the futures market. Quite bearish report.
Maybe traders will look past it but gasoline demand in states is very weak....need the vaccine to even speedier.
Suprised oil is not under 64 yet but the bulls are pretty strong.
Ya i would have liked to see gasoline demand more in line with last week. Need to eventually get over 9Mbbl/d.