RE:Rig counts continue to drop, Shale growth stallsU.S. production is down a few 100k bbl/day last few weeks so perhaps these weekly rig declines starting to kick in? As written here by yourself and others, Olmeca start-up will soon be removing 350k bbl/day of Mexican heavy exports and another 800k bbl/day on the TMX shortly, will be sending product where its not going today. Saudi 1M bbl/day cut starts tommorow, commercial stocks showing steady draws (last week -11M bbls even with the Adjustment number adding 1M bbl/day more than this time last year).
If this info/data is supposed to be forward looking...... shouldn't price of oil be closer to $80+ than $70?
As for recession talk for 3rd Qtr and beyond..... S&P and Nasdaq sure not pricing it in.
All my U.S stocks are up YTD, some are way up.
So why isn't Oil price & Oil stocks joining the party?
Somethings got to give soon, can't manipulate it forever.
The fundamentals are what they are.
Also for SU (and other refiners), as lifeisgood1010 recently shared, curent very favorable crack spreads are a bonus.