from dallas--crude conundrum

[setliff]

very bearish eia report

inventories way up
imports way up
lower 48 production way up (190mbd)
refinery inputs and products way up

and wti way up---what the hell is going on?

[dan_s]

IMHO the news coming out of OPEC is more important than the weekly inventory reports (which are questionable anyway).

Recent increase in U.S. production more a result of the rush to complete DUC wells in Q4. That will slow a bit in Q1 + weather also slows down completions.

[dan_s]

Read this: https://www.investing.com/analysis/non- ... -200172106

Ellen Wald is super sharp and an expert on the global oil markets.