RE:RE:Today's EIA Report:The short term value really is useless. But the long term data shows where we are heading. Crude 1% below 5 year average, gas 7% below 5 year average, distillates 12% below 5 year average. All of this with the greatest release from the SPR. Long term unsustainable.
Also in the good old USA imports of crude up by over 8% compared to last year. I guess the americans could continue to buy oil to satisfy their needs and keep the price of WTI down but the oil they are buying has to come from somewhere. Just my thoughts but somewhere along the line traders will have to accept the fact that there is less oil in inventories.
Moemoney42 wrote: These reports have been virtually useless for a long time.. I don't put any short term value in them at all.. just a bunch of noise IMO.. They are too easily manipulated by one VLCC so how can you put any credence in them for real trading data.. you can't..!