Saudi Arabia's new plan

[dan_s]

EIA and API weekly crude oil and finished products inventory data is the most visible and readily available sources of on how much oil is in storage making it a number oil traders watch closely.

Saudi Arabia, which owns a refinery on the U.S. Gulf Coast, plans to cut exports to the United States in July. That reduction of oil into the country could show up as a bullish sign in the U.S. data, and contribute to faster drawdowns in storage.

“I think their next plan of attack is to drop exports to the U.S. so they can manufacture a drop in the EIA report,” said John Kilduff of Again Capital. “It will make it look like inventories are really coming down.”

Read: https://www.oilandgas360.com/saudi-arab ... st-prices/