Is there a demand problem with crude oil?
$WTI Crude Oil - main 2308(CLmain)$ $Micro WTI Crude Oil - main 2308(MCLmain)$ $E-mini Crude Oil - main 2308(QMmain)$
How is it a demand problem when cracks are as strong as ever with below $70 WTI? Yeah, crude time spreads look weak but to me, that has more to do with short-term oversupply than anything else.
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Since September 10/2021, crude oil released from SPR averaged ~417k bbls/d. That would rank as the 32nd highest crude oil-producing country in the world.
Crude oil released from SPR was 1.7m bbls for the week ending June 16/23. ~21.6m bbls done, ~4.4m bbls to go.
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Crude oil stocks in SPR are now down ~376.6m bbls from their ATH.
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