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Oil Inventories Rise by 7.5M Barrels Last Week: API

CommoditiesJul 21, 2020 04:47PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com - U.S. crude stockpiles crude inventories rose by 7.5 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute.

Analysts expect that the Energy Information Administration will report a draw of 2.1 million barrels when it issues numbers tomorrow morning. The EIA numbers are due at 10:30 AM ET (14:30 GMT).

Crude Oil WTI Futures were up 1.71% following the release, after settling up $1.15, or 2.82%, at $41.96 per barrel.

Oil Inventories Rise by 7.5M Barrels Last Week: API
 

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Comments (3)
Matthew Mover
Matthew Mover Jul 21, 2020 5:29PM ET
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You have to look at the trend. Over the last 4 weeks it was -16.4782 and + 9.544. Which is a difference of -6.9342 million barrels per day. Still bullish until the 4 week trend changes. Oil will continue trend up like it has been.
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Barani Krishnan
Barani Krishnan Jul 21, 2020 5:29PM ET
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Radu Herscovici  That's what occurs to me.
Barani Krishnan
Barani Krishnan Jul 21, 2020 5:29PM ET
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Bijoy Gajjar  It's not whether I'm right or wrong. The bests analysts are only 60% right most of the time and I don't consider myself in that elite category. But I do know suspect data when I see it, and the numbers we've had lately need to get better. That's the fundamental point.
Radu Herscovici
Radu Herscovici Jul 21, 2020 5:29PM ET
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the US needs oil over $40 to render shale oil production viabile. the variations in stock reporting are just so they wouldn't predict the trend
Barani Krishnan
Barani Krishnan Jul 21, 2020 5:29PM ET
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Radu Herscovici  Chapter 9/11 bankruptcy protection is an odd animal. It allows U.S. drillers to continue producing to pay their leases while they restructure their finances. Also, there's evolution in technology all the time. That's why even with the drop in rigs to record lows, we still produce more oil per rig today than in 2014. The US driller is extremely resilient -- he will continue producing, trust me, even at $35.
Radu Herscovici
Radu Herscovici Jul 21, 2020 5:29PM ET
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Fair enough! On the same page.. Still too much production. What I was pointing out was the there are interests in fraudulent reporting to keep it high
Steven Kemp
Steven Kemp Jul 21, 2020 5:04PM ET
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sounds like too much fraud in reporting
yannis kariotis
yannis kariotis Jul 21, 2020 5:04PM ET
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imports
Barani Krishnan
Barani Krishnan Jul 21, 2020 4:52PM ET
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Whoa, this. if confirmed, is a perfect roll-back of the previous week's 7.5 mln draw. $42 WTI?
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Barani Krishnan
Barani Krishnan Jul 21, 2020 4:52PM ET
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Bijoy Gajjar  I sense that you derive a perverse thrill in trying to call me out for being wrong, even when logic doesn't support the argument -- as you admit yourself here. Your naiveté is classic trend-following without a clue or iota of what you're doing. All that is good so long as the trend doesn't snap. Think before you jump on the herd bandwagon if you intend to stay long in this game. Over 27 years of tracking oil -- following it from low double digits to triple, back to double and even negative lately, I've learned one thing: It pays to see the real trends behind the tape.
Bijoy Gajjar
Bijoy Gajjar Jul 21, 2020 4:52PM ET
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Sir .. with all due respect.. I enjoy your articles but exactly opposite happens to what you think it should do.. I am little buy just learning here..Why market is too rational? It didnt make sense to me in 1st place how it went below 0. Its not real. Nobody would trash OIL. I think this game is all about non-sense.. I feel OIL is going higher regardless whoever writes what.. This is because production has been turned down huge 180 rigs only.. and Trump Sir wants everyone back on road so those 50% followers of Dr Trump wont stop.. They willl live normally. and it will still draw Oil. I see OIL spike may happen beyond 100 sometime this year due to increased demand and supply has to catch up.. Rigs are not so quick plug and play.. Budgets and Revolvers are cut down by entire shale.. Its gonnna be 3 digits again Sir.
Barani Krishnan
Barani Krishnan Jul 21, 2020 4:52PM ET
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Bijoy Gajjar  $40 and triple digits oil is like a kitchen step stool and a crane. That's the price gulf between. Nobody thrashed oil, except the greedy head honcho of Arab which keeps holding the world at a ransom to do their bidding for $80 and above oil. You know what's great about shale? It's virtually free of this so-called nonsense that you claim. Nobody created this "nonsense" other than the Saudis. They turned the taps on full in March simply because the Russians decided they wanted to produce according to the needs of their customers. Given their dominant position once as a producer, the Saudis controlled OPEC for 55 years and made sure the rest of the non-energy producing world paid dearly to finance the luxurious Saudi lifestyles. All that changed in 2014 when shale came into its own.
Barani Krishnan
Barani Krishnan Jul 21, 2020 4:52PM ET
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Bijoy Gajjar  Since 2014, the Saudis have been trying to find a way to make the US drillers play ball with them and everything failed because America's free market dynamism doesn't need the B.S. called National Oil Corporation that's prevalent all over OPEC. The Saudis finally got their opportunity when Trump capitulated this year to broker a deal between them and the Russians to try and bring the market back up. And what do the Saudis do after 2 months? Roll back on output cuts. To me, it's premature because the impact of the downturn hasn't fully been reversed. And the data we have seen in recent weeks only proves how volatile things are. For your information, regardless what "Trump sir" thinks or wants, the market moves to larger American needs and usage. And there is not enough clarity on that yet.
Barani Krishnan
Barani Krishnan Jul 21, 2020 4:52PM ET
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Bijoy Gajjar  Last but not least: Don't underestimate the power of shale. Chapter 9/11 bankruptcy protection is an odd animal. It allows U.S. drillers to continue producing to pay for their leases while they restructure their finances. Also, there's evolution in technology all the time. That's why even with the drop in rigs to record lows, we still produce more oil per rig today than in 2014. The US driller is extremely resilient -- he will continue producing, trust me, even at $35.
 
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