The private survey inventory data letting us know how many barrels of wine are in storage. No wait, that's not right.
Barrels of oil, yeah that's it. Gas, distillates and Cushing storage too. Official US government data will follow Wednesday morning (US time).
Reuters have a bit of a 'in a nutshell' summary of where we are at in the oil market in their latest update, in very brief:
- many markets are well supplied and oil for prompt delivery is trading at heavy discounts to forward futures in several parts of the world.
- As a result, crude oil prices are trading at only around half the levels seen three years ago.
- A deal by the Organization of the Petroleum Exporting Countries with Russia and other non-OPEC producers to cut supplies by around 1.8 million barrels per day until March 2018 has so far failed to tighten the market or push up prices.
- U.S. oil production is also rising steadily.The U.S. Energy Department said in a report on Monday U.S. shale oil output was likely to rise for the eighth consecutive month in August, climbing 112,000 bpd to 5.585 million bpd.
