About that huge crude oil draw last week: from a reader --
That big draw was due to record exports...a blowout, too: almost 900K bpd higher than the previous record.https://rjsigmund.files.wordpress.com/2020/01/january4th2020usoilexportsasofdecember27.jpg
Comment: I completely missed it. And I bet most Americans completely missed it. From the EIA, monthly and weekly exports:
Could be related to tax year issues. Or some other thing like that (corporate budgeting cycle, cleaning the desk, etc.)
ReplyDeleteI do think it's kind of a one off to jump to 4.5. The long term trend is rising but not yet at that level. Wouldn't be surprised if next week exports is pretty low to compensate (or the week after, if we still have some end of year impact). [You know, like NDIC reports where a huge jump always follows a big drop and visa versa.]
Agree completely. Even the graphs above show a lot of week-to-week variability.
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