RE:RE:RE:RE:API Inventory:Yes, looks like more China demand news dominating the direction of oil, and we have seen this in recent past so nothing new here. Demand in China is still rising just perhaps not as robust as thought and from what I seen GDP is about +5% which is lower than their target of about 7-8% but still increasing. So speculation, or rather the traders are driving direction, overriding fundamentals, while oil inventory drawdowns by API and EIA are factual. I wouldn't rule out central bank policy intervening in the markets to keep prices down, contain inflation.
Today looks to be a soft day and tomorrow, being a Friday, may add additional sellong pressure. I wouldn't be surprised to see $75 WTI by Friday's close before magically next week bullishness appears again once some Chinese data shows increasing oil demand.
Kamaltoe in the whitehouse is not good for the oil industry as she wants to limit production while spending billions more on the expensive green-sham dream. She appears clueless to the potential disruption to supply and the consequence that rising oil prices have on the potential reemergence of inflation again despite her recent experience with this in the past several years. I can see the Saudis wanting a Republican back in the white house but probably more for middle east stability and the fact that they are more aligned with the Sunnis rather than the Shia regimes funding the wars and protests on US campasses.