Weeks to re-balance: 39 weeks (up from 38 weeks following previous report):
Week
|
Date
|
Drawdown
|
Storage
|
Weeks to RB
|
Week 0
|
Apr 26, 2017
|
529.0
|
180
|
|
Week 1
|
May 3, 2017
|
0.9
|
528.0
|
198
|
Week 2
|
May 10, 2017
|
6
|
522.0
|
50
|
Week 3
|
May 17, 2017
|
1.8
|
520.2
|
59
|
Week 4
|
May 24, 2017
|
4.4
|
515.8
|
51
|
Week 5
|
May 31, 2017
|
6.4
|
509.9
|
41
|
Week 6
|
June 7, 2017
|
-3.3
|
513.2
|
60
|
Week 7
|
June 14, 2017
|
1.7
|
511.5
|
57
|
Week 8
|
June 21, 2017
|
2.5
|
509.0
|
62
|
Week 9
|
June 28, 2017
|
-0.2
|
509.2
|
71
|
Week 10
|
July 6, 2017
|
6.3
|
502.9
|
58
|
Week 11
|
July 12, 2017
|
7.6
|
495.3
|
47
|
Week 12
|
July 19, 2017
|
4.7
|
490.6
|
43
|
Week 13
|
July 26, 2017
|
7.2
|
483.4
|
38
|
Week 14
|
August 2, 2017
|
1.5
|
481.9
|
39
|
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The Myth Persists
A reader sent me the link to this CNBC article: OPEC wants oil above $50, but US shale producers won't play along.
I replied:
Saudi Arabia is doing a great job in perpetuating this myth, that ND and TX won't play along.
In fact, as I posted on the blog earlier this week, total OPEC production has hit new records (mostly due to Iraq).
Saudi Arabia has a problem; it's not ND, TX. Saudi Arabia's problem is Iraq, Iran, and Libya.
I assume it was Saudi money that was behind all the efforts to kill shale crude oil pipelines and all the anti-fracking activity. Not all Saudi money but a huge portion of it.Later: the reader reminds me that Putin was also involved in the US anti-fracking, anti-pipeline movement.
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