A simple reason why Recaf will surge sooner than later REAL oil inventories are dropping. Factor out the one time withdrawals from the Strategic Oil Reserve ( by law will have to be replaced soon ) and the fact that the main reserves in Cushing, OK are like half of what they were last year and there is no doubt we are looking at a surging oil market especially with a cold winter and Europe factored in.
Cushing is basically running on empty - just a few million barrels above the 2O mil to keep the national system supplied and functioning. From today's OP wires:
"Last week, the API saw a Cushing decrease of 772,000 barrels. Official EIA Cushing inventory for the week ending September 2 was 24.783 million barrels, down from 25.284 million barrels in the prior week."