https://youtu.be/KhC7WVdVyko
U.S. crude inventory unexpectedly declined last week, the API reported Tuesday, just as global growth looks set for a rocky road ahead that some worry could blunt energy demand. West Texas Intermediate, the U.S. benchmark, traded at $102.33 barrel following the report. U.S. crude inventories fell by 4.5 million barrels for the week ended April. 14. That compared with a build of 7.8 million barrels reported by the API for the previous week. The slip in oil prices on Tuesday comes amid concerns about the impact on energy demand of slowing global growth in the wake of the Russia-Ukraine war. The IMF cut its global growth forecast by 3.6% in both 2022 and 2023, from prior forecasts of 4.4% and 3.8% respectively. The API data also showed that gasoline inventories rose by 2.9 million barrels last week, and distillate stocks increased by 1.7 million barrels. NN: You cannot trade oil off of these inventory reports. Reality is the markets are confused. We are in the low demand time in a normal year. Their is nothing normal this year. I believe and hope the strategic releases will make it APPEAR that the market is well supplied. I expect huge travel demand for fuel this vacation season. Add transportation needs and I see shortages of crude oil, gasoline, diesel and Jet A fuel. And i am sure Putin has planes for Europe. $150 to $200 oil here we come