RE:RE:RE:market movementYup left off an M there so .400M bbls.
Unfortunately the EIA report comes in at -0.800 M bbls which is well above the expected draw.
Fortunately, oil pricing seems disconnected from these reports lately so maybe it won't affect them.
At some point the the Libyan oil fields shutdown has to affect global demand a little and it could be up to as much a 1.2 M bbls/d.
https://oilprice.com/Energy/Crude-Oil/How-Libyas-Supply-Outage-Impacts-Oil-Markets.html "Libya’s oil production, which averaged 1.2 million bpd" "Experts are assessing the impact on global oil markets. Kpler noted the shutdown impacts key ports including Marsa Al Hariga, Zueitina, Marsa Al Brega, Ras Lanuf, and Es Sider. Europe is the leading destination for Libyan barrels, and "increasingly so in recent years" - accounting for 85% of exports this year according to Kpler's Matt Smith. With Libyan crude primarily light sweet, "European refiners will likely turn to the U.S. and West Africa to replace it." Nigeria's refineries have been using all of the domestic oil they can get their hands on so I doubt west african oil will be heading to Europe and it will be more US oil.
https://oilprice.com/Latest-Energy-News/World-News/Nigerias-Massive-Dangote-Refinery-Taking-Less-American-Crude.html Hopefully more US exports will be a drain on US inventories.
GLTA