Chiltin We both read the same articals so you are not convinced by this rebound - I think that there is more downside to come - tomorrow's close is key, WTI needs to hold $70. Yes key surport that down hill if not held. China is behind the crude build as they have been buying more oil from Iran and drawdown from their oil own oil stocks .. they done that with copper to bring prices down . But they are not the only country useing both. Anyway hop we get the boooom right upto the $80s
Thursday, July 22, 2021 9:14 AM EDT It is also notable that we saw an increase in distillate demand last week. The increase in demand was probably due in part to the jet fuel sector of the distillery inventory which is seeing demand jump as air travel has hit the highest level since the covid 19 shut down. This is key to the oil demand recovery because this is the only sector, as far as demand is concerned, that hasn't hit pre covid levels. The EIA reported that distillate fuel inventories decreased by 1.3 million barrels last week and are about 4% below the five-year average for this time of year.
The way things are happening with all the stimulus in the global economy, it's clear that unless the delta variant starts to shut the economy down we're going to see oil demand around the globe hit record highs. This is coming at a time when governments are trying to reduce their investment in fossil fuels and trying to get more green. The combination of less investment and surging demand is going to have an obvious outcome. The price of oil is going to be strong and it's going to continue to drive higher so we are in a super cycle
this is going 19p..............come on pretty pleaseeeeeeeeeeee Yes you are right the 00 are at 19p To many if &buts with brent at the moment Opec might come back to the table could be a big Api Eia draw this week dollar could rise . Better to be in than out.
U.S. crude inventories rose by 620,000 barrels for the week ended May 13, according to an estimate released Tuesday by the American Petroleum Institute. That compared with a draw of 2.5 million barrels reported by the API for the previous week. The API also showed that gasoline inventories fell by about 2.8 million last week, compared with a 5.6 million build in the prior week, and distillate stocks slipped by about 2.6 million barrels. The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies increased by about 1.6 million barrels last week