ENERGY

Oil prices rallied to fresh 10-monthhighs today (9 straight days higher) as traders digested a decision by OPEC+ leaders Saudi Arabia and Russia to extend supply curbs through the end of the year.

The big question is – will we see inventory draws continuing

API

• Crude -5.2mm (-2.1mm exp)

• Cushing -1.4mm

• Gasoline -5.09mm (-1.2mm exp) – biggest draw since March

• Distillates +310k (-200k exp)

API reports a 5.2mm barrel inventory draw, bigger than (more…)

Oil prices are holding on to recent gains this morning – trading at 10-month highs after API's reported big crude and gasoline draw  – on the heels of OPEC+ production cuts and Chinese demand.

Additionally, Aramco raised its prices for US and Asian buyers, as Saudi Arabia looks to draw crude out of storage by under-supplying the market to help boost prices.

API

• Crude -5.2mm (-2.1mm exp)

• Cushing -1.4mm

• Gasoline -5.09mm (-1.2mm exp) – biggest draw (more…)

Did someone pay Bidens to weaken the United States?

After canceling the Keystone XL pipeline project, draining the Strategic Petroleum Reserve to dangerously low levels (some of which was sold to a Hunter Biden-linked Chinese energy giant), and vowing "no more oil drilling" on US soil while America's geopolitical adversaries – two of whom paid his family handsomely – beef up their own energy independence, the Biden administration has done it again.

Last week (more…)