RE:EIA Crude build +3m, Gasoline -3.2m, Dist -4.2mThis is patently outrageous. An SPR draw of 2.9M bbls to create a so called inventory build is like trying to pull the wool over everyone's eyes. Yet there it is and the market
succumbs to this narrative like flies to you know what. On top of that you have inflation
numbers coming in at a modest decline which I'm sure will put further rate hikes on
pause pending more new data. In reality 2 favourable stats to bolster oil prices but the
opposite is happening.
So what do we take from this. The message is, we need you to see that we, the WH
can control oil and will also tame inflation without putting the US into a nasty recession.
The miracle on Wall St supported and sanctioned by the WH continues to amaze us
all.