RE:Oil steadies after tumble as market awaits OPEC+ clarityThe world oil market is presently under supplied by 2.5 million bpd , even IF the UAE went rouge the only have 600,000 bbls of extra capacity which still leaves a 1.0 million bpd deficit . Canadian O&G stocks haven't gained enough to be sold down too much despite this paranoia in oil markets .
Today's EIA report should calm the market somewhat as another large draw is in the offing . This may be the shorts last hurrah since the Q2 numbers will make this price level a thing of the past .