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Energy Still Ignored Despite Gains

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Equity Prices Are Not Economic Signals

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GDP and E&P Give Mixed Signals

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Exxon, EOG and Oil

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Oil Update

The numbers below do not take into account Exxon restarting Baytown very soon that will take another 600,000bbl/day off the market.

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E&P Index Hits Highs and Baytown Restarting

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Refining Inputs Rising….Inventory Falling

As we’ve been saying for a while now, as refining inputs increased to more normal levels, inventories would fall…

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Oil

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Refining Activity Low

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Oil Supplies Falling

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“Davidson”: Markets Do Not Have A Math Solution