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Connacher is a growing exploration, development and production company with a focus on producing bitumen and expanding its in-situ oil sands projects located near Fort McMurray, Alberta

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Message: CLL drlling in Peru

Nice post Esch.

I will just add some my rambling to digger post on EIA Oil inventories.

He said:

The US inventories of oil and distilites are down ,now three weeks in a row .Last summer this would have sent the price sky high .Not now as the punch has gone out of the market every were .

Maybe this is one of the possible explanation of strange WTI behaviour:

The four week average Gasoline demand is down about 750,000/day in US. Also EIA report is totally different then AIP report.
API reports crude down 91,000 compared to EIA down 1.5 mil.
Gasoline
fell 2.1 compared to 5.9 reported by government.
Distillates down 1.7 mil compared to 4.2 mil drop reported by EIA.

October Gasoline-Crude oil spread (RB V8-CL V8) is negative. To much gasoline on the market? Refineries must be selling it below the cost.

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