An Incredibly Quiet Morning -- Oh, That's Right -- It's Monday -- August 9, 2021

Heard on the lake:

• the anchored sailboat in the "bay" has not moved; still moored just off the dock; 
• the haze from all the western Canadian fires has dissipated; can see the mountain ranges again;
  
• WTI is selling off overnight, this morning;
• a few weeks ago, we were happy with $60 oil; today, WTI trading around $65;
• worries about the Chinese variant -- worries spiked just after photos released of the birthday party, no masks;
• not much talk about Sturgis;

Swing consumption:

I had a blog posting some weeks ago that a few years ago, everyone was arguing about whether US shale was a swing producer or not. That was an interesting question and I wrote about it a lot.

But now, the question has turned to "swing consumer." And the swing consumer is China.

US oil consumption rises and falls fairly quietly month-over-month, but the Chinese imports can be quite volatile month-over-month.