Crude and API tonight
7 responses | 0 likes
Started by Jim_M - March 3, 2020, 6:04 p.m.

Another week of a "normal" storage report.  Maybe a touch bullish for products.  

Still looking for that sign of backing up oil supplies and not seeing it.  

I think we might see some serious recovery here soon.  

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By metmike - March 3, 2020, 8:25 p.m.
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Thanks Jim!


I don't know what to think.


U.S. oil climbs, but ends off the day’s high as Fed rate cut raises worries about COVID-19’s economic fallout

https://www.marketwatch.com/story/oil-prices-extend-gains-to-a-second-straight-day-as-traders-watch-for-global-action-on-coronavirus-2020-03-03

By Jim_M - March 3, 2020, 9:20 p.m.
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I read earlier today that because of the situation in Libya that OPEC output is at levels not seen since 2009.  


By Jim_M - March 4, 2020, 10:35 a.m.
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Still no sign of any backup of oil or products in the API or EIA.  Both reports were about identical this week.  

By cutworm - March 4, 2020, 10:36 a.m.
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thanks Jim

By metmike - March 4, 2020, 11:03 a.m.
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By metmike - March 5, 2020, 2:44 p.m.
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OPEC unveils plan to slash production after coronavirus slams oil prices


https://www.cnn.com/2020/03/05/investing/opec-oil-prices-coronavirus/index.html


By metmike - March 6, 2020, 10:50 a.m.
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Oil Nosedives As OPEC Fails To Strike A Deal

https://oilprice.com/Energy/Energy-General/Oil-Nosedives-As-OPEC-Fails-To-Strike-A-Deal.html?utm_source=browser&utm_medium=push_notification&utm_campaign=vwo_notification_1583530903&_p_c=1

metmike: The previous lows for crude, earlier this week were 43.32.


We are down almost to $42 right now and on the lows.