Replies to post #13734 on Viewer's Choice

[littlejohn]

U.S. oil production is about 1.3 million/bbls/day

higher than one year ago...

Fuel demand has been stable since the

winter of 2020, covid year, with little

variance in winter demand...

In 2023, oil inventories rose on average

about 10 million barrels per week during

January and February...

Oil companies have been shedding other

oil inventories late in 2023 versus building

those to start 2023...

Implies that the lower oil price may hold

and they don't want to get stuck with

other oils inventory at too high of cost...

China economy isn't going to pick up

in the middle of winter...

So you don't want to buy to high on a

day when the oil price is dripping with

blood from a media high light...

Interest rates dropping in cold weather

won't move demand up either,

that demand increase still depends on

timing of warmer, fairer weather...

So we watch...LJ