Day: October 2, 2020

You Can’t Change The Past

On Thursday, news headlines read “Oil Prices Slide As OPEC Opens The Valves” which referenced the overall increase in OPEC production for the month of September. Yet only 3 of the past 14 weeks has the EIA reported domestic crude oil inventory builds. In the month of September alone, there was a total of 10.989 million barrels of crude oil drained from domestic inventories and yet when news breaks that OPEC increased production during September, when global inventories fell at historic rates, current prices dropped. Seriously?!? Market participants are reacting to something that happened in the past without paying attention to the actual supply/demand picture.