RE:RE:Lol it is funnyShort term bearish momentum will have to deal with reality sooner or later , Keystone is down which is a loss of 600,000bpd . Considering the US consumes 20Mbpd and produce less than 12Mbpd , that leaves a big hole . The leak was north of Cushing so barrels can't even be stored , 4.2M barrels per week stuck in a pipe , force majeure . Every day this line is down further drains US inventories . Next week (and the week after) API/EIA inventory report will show another big draw , the longer it takes for supply to catch up to demand (without relying on inventory) , the more acute this crisis will become .
Biden used the SPR for political gain , not the emergency it was established for but the barrels merely postponed the inevitable . The fact that this policy encourages consumption in an already tight market just shows another example of logic losing to lunacy . The irresistible force and the immovable object are slugging it out , a titanic clash .