“Davidson” submits:
Inventories fell 553,000BBL as opposed to last nights API rise. Production remains flat, Imports remain down, Exports show some recovery to trend and Refinery Inputs remain decently below trend for seasonal change over.
There is not and has not been any forced build-up of supply if you read this history. We produce or import to meet refinery needs. Many have taken price as an indication of Supply/Demand and economic activity. Hedge Fund Momentum Investors have created algorithms which do not make economic sense giving us low $WTI high US$ when global economic activity would justify higher $WTI with consumption at an all time high and lower US$ with capital seeking economic opportunities outside of the US.
