Cardinal Energy Ltd (Alberta) T.CJ

API reports Inventory draw of 2.79 Mb

[VeritasVern]

API reports Inventory draw of -2.79 Mb, analyst expected a build of 700,00' last week we saw a -7.4 Mb decline
Invenory is more than -12 Mb from the start of the year
SPR up +0.3 Mb which takes away supply from the market
Gasoline down -513,000 on top of -300,000 last week
Distillates up +191,000 but were -400,000 last week
Cushing Inv down -2.6 Mb on top of -800,000 draw last week

Does this data suggest a slowing economy? Last week there was a staggering -7.4 Mb decline. Ignore that hard data it means little, future demand is expected down but that is based on someones idea not substantiated by hard data. I only know of one person that likes hot air blown up their arsse.

[Quintessential1]

I know...those OPEC guys don't know oil like you know oil. ;-) Oil resumed its downward trend on Tuesday, tanking more than 3% after oil alliance OPEC lowered its demand growth forecast in 2024 and 2025. https://finance.yahoo.com/news/oil-tanks-more-than-3-to-lowest-level-since-2021-on-weak-demand-185243598.html Maybe they just like the hot air too!   Blow on it!  LOL GLTA

[VeritasVern]

Yes we seen that. It was a very slight reduction to growth forecasts but oil demand is still increasing y/y. So that corresponds to a hefty 3% reduction in oil nearby prices yet the particularly bullish API report last week with -7.5 Mb draw and this week should have sent prices higher then? Or any other bullish indicator is mostly ignored.. Give the bears an inch and they take a mile, while

[Quintessential1]

It would seem you are the one (ones?  we?)  that do not understand markets as you spin your magic political bias theory to try and explain what has already been explained in full. First $75-$85 is not the baseline from where oil prices trade.  It is an inflated price based on what was increased projected demand  (which has now been reduced) and a couple of war premiums of

[VeritasVern]

I think you need to stop yapping, because it is now overly clear you understand little to everyone about forecasts.... Bye GLTA

[Quintessential1]

Uh huh....but you do right?  Presto chango SPR make the oil price drop on buy and sell.  LOL Besides EN is mixing up a pretty good batch of kool aid that I keep drinking. Bye.  See ya when the FED cuts rates.  If you come back. GLTA

[VeritasVern]

I'm going nowhere clown, you offer little besides being a parrot of repeated bearish sentiment. Want a cracker Quinte and how about a good batch of Kool aid to wash it down? Hey another news story just emerged where traders are concerned about oil demand, but haven't we heard that 3 times a day for the last 2-3 weeks that dismisses anything and everything.. bullish. I know you will be

[Quintessential1]

Um okay.  You're the one who said "Bye".  LOL You sure are fixated on sucking and swallowing.  (Freudian?) It seems the EIA and the API reports don't jibe.   Hmmm a build and not a draw.  I don't read forecasts so well.  What does that mean?  ;-) Just relax and collect your CJ dividend.  It's safe as houses. GLTA