US EIA oil inventory data week ending 10 November 2017
- Prior 2.237m
- Overnight private data 6.513m build
- Cushing -1.504m vs 0.720m prior. (OPD -1.803m)
- Gasoline 0.894m vs -1.500m exp. Prior -3.312m (OPD 2.399m)
- Distilate -0.799m vs -1.800m exp. Prior -3.359m (OPD -2.527m)
- Production 9.645m vs 9.620m prior
WTI fell by just over 30 pips to 54.87 but is back ay 55.00. Those production numbers continue to grow, which obviously is good for higher prices #sarcasm.
With the IEA announcing that the US will become the worlds biggest producer yesterday, and the fact that they won the game of chicken with the Saudi’s, which in turn led to the OPEC deal, one has to wonder why prices are still so high. The IEA report knocked oil markets overnight with WTI tumbling around $1.70.
It’s looking pretty likely that any rally into and over the OPEC meeting could be a prime sell.