Baytex Energy Corp T.BTE

Today's EIA Report:

[spurwing2]

U.S. Crude Oil Inventories

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Latest Release

Apr 26, 2023

Actual

-5.054M

Forecast

-1.486M

Previous

-4.581M

[Moemoney42]

These reports have been virtually useless for a long time.. I don't put any short term value in them at all.. just a bunch of noise IMO.. They are too easily manipulated by one VLCC so how can you put any credence in them for real trading data.. you can't..! 

[dllscwbysfn]

The short term value really is useless. But the long term data shows where we are heading. Crude 1% below 5 year average, gas 7% below 5 year average, distillates 12% below 5 year average. All of this with the greatest release from the SPR. Long term unsustainable.  Also in the good old USA imports of crude up by over 8% compared to last year. I guess the americans could continue to buy oil

[dllscwbysfn]

It also leades me to believe that the economy in the US is hummin along pretty good. Which is bad for interest rates rising to get inflation under control but also likely means that we are quite aways off from a recession

[Moemoney42]

Agreed, and here's the fly in the ointment.. algos trade on headlines and are not able to factor the "long term" views as they are only reactionary not anticipatorily, so with algos doing a majority of the trading these days one can only look to the headlines (right or wrong ones) to garner an idea of where crude might trade.. the real data that will at some point make a difference

[Re1ndeer2]

At this rate of a Draw(5-7 million bbls a week), come Labour day our total draw will be in excess of 120 million bbls....Trouble is on the Horizon..