WK Ending 5/31: US Crude Exports 3.3 mm bbls/d . . . . US Product Exports 5 mm bbls/d ( Biggest Propane, Diesel) . . . US crude Production 12.4 mm bbls/d Up 600,000 Barrels Day year to date. . . . ITS THE SUPPLY.

(edited)

Not Just US . . . Worldwide.  Orbital Insight World Inventory up over 140 Million Barrels this year to date.

OPEC/Saudi ruse of "Tight Supply" is a farce.  They think if they repeat it long enough it becomes fact.  

The basis for "tight Supply" is the sighting of OPEC CUTS (that are suspect), Venezuela and Iran.  Plus they mention Libya and Nigeria . . . . YES CONFLICT BUT NO PRODUCTION DECREASE. Libya restarted Sharara this year 335K bbls/d,  Nigeria started new offshore + 200K bbls/d.  THEY ONLY MENTION CUTS . . . . NEVER THE COUNTRIES THAT ARE INCREASING.

Oil Mkts always traded on news, rumors and al-Falih.  The Mkts are waking up.  Demand has not gone down as of yet. 

Blame price decrease on Trump, Mexico Tariffs, whatever . . . .  ALL JUST EXCUSES.

Economic slowdown would affect demand.  Some anticipation baked in . . .  BUT THE OIL PRICE DROP IS DUE TO INCREASED SUPPLY.

Edited by Falcon
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