Oil is in a demand area where I expect price action to obtain a big for higher prices.
Comment:
Despite the six weeks of builds, U.S. crude inventories are still 57 million barrels below where they were at the beginning of the year.
U.S. oil production for the week ending October 22—the last week for which the Energy Information Administration has provided data—stayed the same at 11.3 million bpd—still 1.8 million bpd below the all-time high of 13.1 million bpd reached right before the pandemic took hold in the United States.
bpd = Barrels Per Day
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U.S. oil production for the week ending October 22—the last week for which the Energy Information Administration has provided data—stayed the same at 11.3 million bpd—still 1.8 million bpd below the all-time high of 13.1 million bpd reached right before the pandemic took hold in the United States.
bpd = Barrels Per Day