Thursday, October 13, 2016

OilPlosion Update

OPEC reported a increase in its oil production in September to the highest in at least eight years and raised its forecast for 2017 non-OPEC supply growth, pointing to a larger surplus next year despite the group's deal to cut output.

"Inventories stand near all-time highs worldwide,"

In the report, OPEC also raised its forecast of non-OPEC supply next year, saying output from outside the group would rise by 240,000 bpd, up 40,000 bpd from an earlier forecast due to a higher forecast for Russia.

ZH: Oct. 13, 2016
U.S. Oil Inventories, Biggest Build In Six Months

Inventories (red) reversed higher in the exact same week as last year and at the exact same price. Although inventory levels are a tad higher this year...

A year of massive buying power squandered on OPEC bullshit...