Another healthy increase in Crude supplies. OPEC is going to have a devil of a time getting prices to do what they want. I know there has been a rally, I've made money on the increase over the last 2 weeks or so, but I got out today. You can only go higher on OPEC cuts for so long and if the reductions don't show up soon, the correction is going to be quick and extensive.
The FED knowingly and purposely slowed the world economy down. they knew what they were doing and they did it on purpose. Since Trump put the current fed head in, maybe he is planning to turbo charge the economy going into nov 2020. Give the USA 3.5% GDP growth and oil demand is going to suck up all the supply THEY can produce. For now we are heading into the summer driving season and then when the 4th quarter slow down comes, growth could be starting to pick up enough to offset things. Then next year we go into turbo charge mode. I am long 3 futures and am deep in the money and I am not adding to it. This is going to be a good trade and we are headed to $100 oil and I think it will happen sooner then people can fully grasp. Add to all that the Venezuela situation, with Russia giving them S300 system and trump determined to change the government and in addition to that you have Syria telling Israel that the Golan belongs to them and Israel ignoring them and putting military troops there. It could be interesting.
..... here is an instant snapshot of K=MAY DAILY .......
...... it is what it is ....
Latest Release Apr 03, 2019 Actual 7.238M Forecast -0.425M Previous 2.800M
https://www.investing.com/economic-calendar/eia-crude-oil-inventories-75
Release Date | Time | Actual | Forecast | Previous | |
---|---|---|---|---|---|
Apr 03, 2019 | 10:30 | 7.238M | -0.425M | 2.800M | |
Mar 27, 2019 | 10:30 | 2.800M | -1.100M | -9.589M | |
Mar 20, 2019 | 10:30 | -9.589M | 0.309M | -3.862M | |
Mar 13, 2019 | 10:30 | -3.862M | 2.655M | 7.069M | |
Mar 06, 2019 | 11:30 | 7.069M | 1.203M | -8.647M | |
Feb 27, 2019 | 11:30 | -8.647M | 2.842M | 3.672M |
The Energy Information Administration's (EIA) Crude Oil Inventories measures the weekly change in the number of barrels of commercial crude oil held by US firms. The level of inventories influences the price of petroleum products, which can have an impact on inflation.
If the increase in crude inventories is more than expected, it implies weaker demand and is bearish for crude prices. The same can be said if a decline in inventories is less than expected.
If the increase in crude is less than expected, it implies greater demand and is bullish for crude prices. The same can be said if a decline in inventories is more than e
Weekly US ending stocks of crude oil.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCRSTUS1&f=W
Weekly ending stocks for unleaded gasoline.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WGTSTUS1&f=W
Weekly US ending stocks for distillate fuel oil(heating oil-especially used in the Northeast).
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WDISTUS1&f=W
https://seekingalpha.com/article/4253100-opec-matters-oil-markets
Summary
"After the April OPEC meeting postponed, some contradictory statements from Russia and Saudi Arabia may show cracks in the cartel.
A new term has emerged in the world of crude oil price analysis: "OPEC+".
The answer to the question of whether or not OPEC can still influence the price of crude oil is starting to come into focus. The answer is yes for now, but they can't do it alone, and the Saudis seem to realize this."