Contrived headwindsSo inventories fall -9.5mb (including the SPR) last week...
And the "spin" is that this was a 'mixed' report because a few individual lines increased
Did they read the report? Look at a graph over time?
A build when it's way below the 5 year average is to be ignored when stockpiles are plummeting
Overall crude stocks are down 20% - that's not a typo. Down 20% from a year ago,
Individuals are up because refineries ran at 92.9%, which is about 4% (from memory) above 'normal' and 'sustainable'....
Cheers to you day folks... O&G has a way to run yet and the 'spin' can only hold back the coming storm for so long
| Crude Oil Prices Fall After Flows From Druzhba Pipeline Resume, OANDA Analyst Says |
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05:18 AM EST, 11/17/2022 (MT Newswires) -- Crude oil prices declined early Thursday after reports showed no immediate escalation from Russia following an errant missile fired by Ukraine's defense system that killed two people in Poland, and after flows from the Druzhba pipeline resumed, OANDA analyst Edward Moya said in a Thursday note. Bullish triggers for oil prices were undone after the flows resumed, while the lack of conflict escalation from Russia tentatively removed some of the short-term supply risks, according to Moya. However, the White House said that ultimately, Russia is responsible for the incident in Poland, as the rest of the world is on high alert that the war in Ukraine could easily escalate into a massive conflict with NATO, Moya said. Brent crude fell 0.3% to $92.62 per barrel while West Texas Intermediate lost 0.5% to $85.14/b early Thursday. On Wednesday, oil prices struggled for direction following a mixed crude oil inventory report from the US Energy Information Administration, which showed increased stockpiles but lower fuel inventories. |
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