RE:RE:Reminder: EIA oil inventory report today 11AM ESTSPR releases still elephant in room.
Without SPR inventories would have been negative by some millions. Overall it was a net drain when including SPR.
Imports were up too so the positive inventory headline is pure bs.
Another tidbit is Cushing is at 20 million which is considered the bare minimum operating point at the USA main crude hub. I've seen it up around 70 million in a normal week.
IMO oil prices will remain firm. (though what do I know?)