HFI Research:
"For the week ending August 30, we have a crude draw of 6.08 million bbls. Looking at our US commercial crude storage projection, we will see crude storage match the 5-year low this week."
IN MY OPINION, the oil traders are over-reacting to OPEC+ decision to increase quotas by just 180,000 bpd starting in October. That is a rounding error. Plus, I've seen reports that China's oil demand is down, but India's oil demand is up.
Per EIA's August STEO report global demand for oil will exceed supply in Q3 and Q4.
Oil Prices: How will the Paper Traders react to this?
Oil Prices: How will the Paper Traders react to this?
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group