Updates
June 15, 2017: OPEC stumbles: from WSJ -- production cuts aren’t drawing oil out of storage and are helping U.S. shale producers.
Oil stockpiles in the Organization for Economic Cooperation and Development—a club of 35 countries with industrialized economies—rose by 18.6 million barrels in April and were higher than they were when OPEC agreed to its cut late last year, said the International Energy Agency, a Paris-based group that advises governments on energy trends.How long will it take to re-balance? 63 weeks.
A re-posting of a most important graph:
Original Post
Reposting:
Saudi to target US shale? Saudi Arabia and other producers are frustrated that growing U.S. production is hurting the oil market. Saudi Arabia is said to be considering holding back exports into the U.S. Link at CNBC. Reduced exports would show up in weekly US government data and send a bullish signal to the market.
Wow -- Saudi should have done that from the beginning instead of flooding the US with crude oil from their "storage tanks." By the way, this may be more smoke and mirrors: during the summer, Saudi exports less oil because domestic demand is greater during the hot summer months.One can see Saudi's track record at this post.
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Meanwhile, A Random Look At Historical "Price" Of Ethanol
From TradingEconomics:
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And, A Random Look At Historical "Price" Of Gasoline
From TradingEconomics:
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