For For what its worth . Orbital Insight World Oil Inventories.

[Falcon + 222]

https://www.bloomberg.com/news/videos/2019-05-10/the-real-deal-with-iran-global-oil-inventories-video

 

Up 140 mmbbls/year over year.

China big part of that. 

Iran Inv. down 10 Million bbls over last month. Obviously Selling before new waivers expire re sanctions 

There is plenty of supply even with sanctions and conflicts.

Oil trades on weekly US rig or inventory numbers not fundamentals.

But if that's what stirs the animal spirits, that's what moves oil markets, THAT'S WHAT WE TRADE OFF OF (until it stops)

China will probably devalue their currency in response to increase Trump tariffs . . .  which effects dollar , that will effect oil prices

INCREASED TARIFFS TO 25% DO NOT STSRT FOR THREE WEEKS,  TRUMP LEFT A LOT OF ROOM TO COME TO A DEAL. Probably will before the.

So I still think we trade sideways for now. Like oil insights said keep an eye on China.  

Edited May 10, 2019 by Falcon