Crude Oil Storge Report - Oct 19

[dan_s]

October 19, 2016
CRUDE OIL INVENTORY'000 bbls (Week Ended 10/14/16)

Current: 468,711
Actual Build/(Withdrawal): (5,247)
Economist Average Estimate: 2,182
Previous: 473,958

As I pointed out in the newsletter, tropical storms are causing the big swings in storage levels. The trend is definitely bullish, but do not get too excited one way or the other by the weekly numbers. They are often not a true indication of supply.

[dan_s]

This is a better indication of what is happening to U.S. oil and gas supply: http://www.eia.gov/petroleum/drilling/#tabs-summary-2

[dan_s]

Details of the EIA report: http://www.eia.gov/dnav/pet/pet_sum_sndw_dcus_nus_w.htm

Take a look at the big drop in imports

[dan_s]

”There is a strong possibility that global demand is already outstripping daily oil output,” Phil Flynn, senior market analyst at the Price Futures Group, said in a note. “Extraordinary cutbacks in global energy spending (are) starting to show up…We are seeing U.S. oil supply tighten very quickly.”

YOU SHOULD ALL WATCH THE DAVID PURCELL (TPH) VIDEO THAT I PUT IN THE NEWSLETTER.

Read this: http://www.oilandgas360.com/oil-hits-on ... S_Campaign