Cardinal Energy Ltd (Alberta) T.CJ

API

[Sirlostalot]

Looks like a large API build today , not sure how this relates to Nuttall's call for huge deficits in weeks not quarters , hard to know  what to believe anymore .

[pkrash]

Start by not believing it's a large build. With SPR at 2.6M this week and last week's huge draw of 12.5M for proper context the fundamentals are still sound.

[Quintessential1]

Yes there was something very fishy about the API numbers of  a previous week of 6M draw and then this weeks 5M build.  I was thiking only shut downs cause these kind of swings but the SPR release explains it,  Thanks for the insight. I  thought the White House had put a halt to the SPR release?  If not do you know when it ends? GLTY and all.

[pkrash]

I believe there is about 10M left to go so about another 4 weeks at this rate. The whole SPR drain is a political game to try and tame inflation. It's going to end badly.

[Quintessential1]

So in the month of May they the released over 9 M  from the SPR. And the EIA still showed a net draw of 1 M from inventory, Without the SPR that would have been a 10 M draw. What happens when the SPR release stops in June and summer vacations begin? GLTA

[TheWokeLemming]

Interestingly it seems there's been a dumping of oil onto the market as short term yields on interest are too enticing.   All it's doing is leading to a bigger supply crunch going into the 2nd half.  Once the SPR sales are done June 30 the real market dynamics will begin to show themselves.  My opinion only. 

[Sirlostalot]

Wish I could share your enthusiasm , any build is the opposite of the massive unrelenting draws predicted by many of the pundits , Memorial Day has come and gone and WTI is in the 60s.