Nuttal posts this morning There are times when it is critical to tune out the noise. This is one of those times. While naphtha may be weak in China, larger markets like jet/gasoline are empirically not (see tweet yesterday). Even with supposed Chinese weakness, global oil inventories are still IMPLODING:
As highlighted by
yesterday, with partial August data, OPEC+ exports are down a whopping 3.5MM Bbl/d MTD from the June high = a leading indicator for global oil inventory levels. Do not underestimate the "will" and "intent" of HRH ABS.