Cardinal Energy Ltd (Alberta) T.CJ

Inventories

[BigJake]

API  - 4.339 mbrl draw  YTD  - 33.671 mbrl draw 
EIA  - 4.471 mbrl draw  YTD  - 23.526 mbrl draw 
WCS  - 58.57   WTI DIFF  - 13.35

Both inventories are healthy draws and the differential is even down a bit, but WTI is still off 2.5% this morning. Goofy at best. GLTA Longs.

[VeritasVern]

API and EIA both have large oil draws, US cuts rates 1/2 point and China unrolls a massive stimulus and the market sells off 3.0%. How does one trade on this nonsense?

[BigJake]

Personally I am holding on the hope that at some point fundamentals will actually matter again. But that's just me.

[Quintessential1]

Personally I don't trade I invest and fundamentals always win out with longterm investing. Here is an attempt by one commodities reporting site to try and explain the oil price drop. WTI crude oil futures declined more than 2.5% to settle at $69.70 per barrel on Wednesday, after touching a three-week high of $71.6 in the prior session.The decline came as concerns about supply disruptions

[VeritasVern]

WTI oil is down another -2.6% or -$1.82 and at $67.87 as of the time of this post. Chinese demand has surfaced once again as the main driver for the decline as apparently investors weight the stimulus package. Best to drive oil prices down about -5-6% yesterday and likely on the 26th while the stimulus is being reviewed, right?  That's a stimulus package that from my understanding was not

[Quintessential1]

Like I said, perhaps futures traders look at all the available data. "The July imports of crude into China were the weakest in two years. Crude arrivals rebounded in August, but they were still 7% lower than in August 2023." "In July, China's combined throughput -- which includes state-run refineries and mega private plants -- reached 10.23 million b/d with an 83% utilization