Wow, Wow, Wow -- WTI Plunges Almost 4% -- Trading Below $70 -- This Should End Discussion Of Recession -- Unless -- December 6, 2023

Locator: 46243WTI.

The EU zone may cut rates sooner than expected: too much of the EU is facing slowdown, a recession, or are already in a recession. JPow is watching closely.

WTI: $69.62. WTI plunges despite EIA report today reported that US crude oil inventories decreased by a fairly significant 4.6 million bbls -- which is also 1% below the five-year average.

• OPEC in disarray; each country to make its own decision; Saudi no longer in control;
• China's economy falters; record low oil imports recently reported
  
• COP28
• strong dollar
• TransMountain: link here.
• in the US, crude oil in storage trending up, and trending toward 30 days
• comments:
• this is why I quit following Josh over at twitter, and,
• why I pivoted out of energy a year ago or so (I still buy a bit when value is just too great) 
  

Friday, December 8, 2023: 160 for the month; 160 for the quarter, 730 for the year
31770, conf, BR, Ivan 5-1-29UTFH,

Thursday, December 7, 2023: 159 for the month; 159 for the quarter, 729 for the year
39308, conf, Hess, SC-JW Hamilton-153-99-1314H-9,

Wednesday, December 6, 2023: 158 for the month; 158 for the quarter, 728 for the year
None.

RBN:  US push to decarbonize playing out very differently from state to state.

We’ve spent a lot of time this year looking at the global move to decarbonize and explaining why there isn’t going to be a straight line leading directly to abundant carbon-free power and a net-zero world. That might be the way a lot of people would like to see it go, but that’s not the reality we’re now facing. All sorts of obstacles have popped up, indicating that the energy industry’s trilemma of availability, reliability and affordability not only clash with each other on occasion, they can also conflict with economic and environmental priorities. Nowhere is that more evident than in the U.S., where small-scale battles over the clean-energy transition are playing out all over the map

Weekly EIA petroleum report. Link here. 

• US crude oil inventories decreased by a fairly significant 4.6 million bbls -- which is also 1% below the five-year average. 
• imports: last week increased 6.4% than the same period a year ago; at 1.7 million bopd (imports):
• refiners: 90.5%;
• distillate fuel: decreased a bit; inventories remain 13% below the five-year average
• jet fuel supplied: up a paltry 1.8% compared with same four-week period last year