Weekly oil inventory reportWhile it isnt bearish on the surface of report, I think bears are taking control today as peak USA driving season is pretty much done. Seasonality demand is going to do down for gasoline and this week gasline demand isnt stellar.
USA prod is listed at 12.7m but probbaly closer to 12.8.
I plug my ears whenever talking heads say USA shale is struggling. It is not. Companies are fracking better and year 2 to 4 production is better on shale wells. Not so much first year production is increasing but wells are doing 300-400 barrels of oil per day in year 2 insyead of 200...that is fooling anlaysts.