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According to Tanker Tracker data, the US weekly average for week for report coming out today (dated 2/11/17 on chart. Data for 2/11 to 2/17) was down from prior weeks. Should mean imports were down. But for next week it is up a lot so far.
Maybe one of you CL traders could explain to me why we are seeing many days recently the CL trend nicely overnight and then around 9am ET it settles into a relatively narrow trading range for most if not all of the morning. It has been doing this with such regularity that there must be a reason and I sure could use some education in this regard.
Thanks much!
BP PLC on Tuesday laid out plans to drive its break-even oil price down to $35 to $40 a barrel by 2021, asserting that it can grow again and keep a lid on spending despite a massive bill from its Gulf of Mexico disaster six years ago.
In a strategic update that detailed the company's plans for the next five years, the British oil giant said it expects to increase production by an average of 5% a year from 2016 to 2021 without expanding its capital budget above its current $17 billion ceiling.
Ron:
Platts is out with a report claiming that the import numbers are due to contracts signed prior to the OPEC production cut, claiming the travel time from the gulf confuses things. I would have thought that they have access to loading over the last couple of weeks for cargos headed for USA so I am very suspicious that this is a puff piece as a favor to somebody. Since you have Tanker Tracker do you accept their theory?
Totally agree but Platts was using wiggle words and talking about contracted cargoes. We have read that OPEC December production was a record and agreeing to it then requires loading and transport, so I am not sure it is a bad piece but I am suspicious. I am guessing that Ron gets at least a couple of weeks head start on import numbers with the Tanker Tracking reports.
Ron,
Thanks for that. Orangutan Trading at seeking alpha does a free post after every IEA report. He points out that US exports are up 81% so it makes it look like OPEC has really cut. Waiting to see that 1.7 million or so weekly decline that will make OPECs goal of returning us to the 5 year average in storage by July instead of being 164 million over as we are now. Clearly it has not happened yet.