Cardinal Energy Ltd (Alberta) T.CJ

API oil inventory report

[divime1]

Crude: -2.5MM, Exp. -0.9MM

Gasoline +0.6MM

Distillate -2.1MM

Cushing: -2.0MM

[Valneigette]

I could be wrong but I have the feeling WTI is going to test the $80 level very soon.

[loopsbutterfly]

not so sure there is also bad news from China with 4 straight months of decline

[VeritasVern]

Not sure about that?? I read that China is also looking to add to their strategic reserves. If so that means that the US buying 1 million barrels/m and China also adding a sizeable amount which is unknown as they are not transparent. Both of that equates to a major reduction in spare capacity. Add in the increasingly geo-risks in the middle east region and we could see $90+ oil in short order

[loopsbutterfly]

I am speaking about China largest importer and their economy is going down but anyway it is all about demand from China...$$$ WTI down 1% at the time of writing 6:37 est

[VeritasVern]

China's oil demand growth is reduced in 2024 to around +500,000 barrels/d according to the median estimates of 12 forecasts. So they will be importing a record amount, just not as much as previously thought. At any rate the markets are clearly manipulated, when API has a -2.5M draw of oil inventories and the market sells off +1% early the next day is BS. The EIA shows commercial stocks

[parcheg]

VV: Can anyone at all lend credencevto EIA? Not this ol' guy..