Inventory Sends Oil Back Down

Oil lost 2% today because US stockpiles of refined fuel are up and fear is that demand might be lagging. It's not enough to have 'robust' talk from OPEC to keep these prices climbing. The existing supply and demand fundamentals still have to rule the day. 

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Saw that. Here's the OP report that came out right when EIA released it's data:

https://oilprice.com/Energy/Crude-Oil/Oil-Prices-Slide-On-Major-Gasoline-Build.html

Shows a 5.6-million barrel draw in crude oil inventories, but the bad part is the API's report yesterday of a huge 9.196 million barrel build in gasoline inventories. The EIA had different numbers (6.8 million barrel build), but it's still bad and the market has responded...

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The US inventory gets a lot of attention because it's transparent--it's not global inventory, but it certainly is more readily accessible than a global figure. So everyone really watches this, and it moves prices for sure. OPEC certainly cannot move it all on its own like it used to. Rig Count, API, and EIA data all have sway these days. And a decent crude oil draw means nothing when it's followed by a corresponding gasoline build. 

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