Anyone know where there can be found supply charts? Something like ending global inventory per month?

There's just no way to accurately get that on a monthly basis from the rest of the world. I know the EIA throws some quarterly results together and then puts out forecasts for the next 8 quarters or so. Number from OECD countries are probably pretty reliable, less so from OPEC countries.

Global Report

50% World's Oil Gone?

Found this the other day; was wondering what people thought. I'm not sure it matches with the changing definition of 'recoverable', but I do agree that OPEC pretty much makes up their numbers.

~egon

EIA is good for the US, IEA is good for the rest of the world. IEA is only as good as the information it can get from countries though so don't think it is 100% accuate.

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It's accounting... I'd off myself before I became an accountant.

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We know everyone hates accountants.

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EIA reports drop of 4.2 million barrels. Closer than I expected.

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And the price went down? WTF?!?

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It's accounting... I'd off myself before I became an accountant.

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We know everyone hates accountants.

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Only certain ones

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It's accounting... I'd off myself before I became an accountant.

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We know everyone hates accountants.

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$50.06 at the time of this post

I never thought I'd be so happy to see $50 oil.

Just stopped by a dealer this morning

And already under 50.

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Fail.

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Fail.

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, for now.

The next few months will be good. I have a feeling the "pundits" are under-estimating the effects of lack of CAPEX + natural production declines.

Saudi can't produce an additional 2 MMBO like they had initially threatened they could. Just not that easy for them. I spy a quick re-balancing as spare capacity is slim.

Edit, Source: http://guardian.ng/news/opecs-ability-to-ease-oil-supply-shock-is-fading-says-report/

Bunch a dorks.

More turmoil in Nigeria: https://www.today.ng/news/national/127651/niger-delta-avengers-claim-attack-escravos-tank-farm-pipeline

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A militant group has purportedly claimed a new attack on a Chevron oil facility in Nigeria's restive Delta region, a message on a Twitter feed previously used by the group to take credit for strikes against oil facilities said.

"We Warned #Chevron but they didn't Listen. @NDAvengers just blow up the Escravos tank farm Main Electricity Feed PipeLine," the message on the Twitter account in the name of the group said. The same account was previously used by the group to claim attacks on Chevron and Shell oil facilities.

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I'm not 11. Not to get into a pissing match but u can pm me if you want to discuss credentials.

To get this back on track, what's the take on the market back tracking after we finally got the draw down they've been begging to get for months?

To me, its all based in fear. Fear that producers will immediately jump on this news and start pumping like crazy again. I think it is going to take a few consecutive inventory drops to convince the market. Most people don't know how long or what it takes to complete a well.

Also, the looming threat of rising interest rates. There is an FOMC meeting in a few weeks, and I don't think you will see a huge change until then. If interest rates go up .25%, look for a sharp drop in oil prices and dollar-denominated commodities.

Just my (largely uneducated) opinion.

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To get this back on track, what's the take on the market back tracking after we finally got the draw down they've been begging to get for months?

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Traders taking in there profits after a few days of gains? Things are pretty flat today, so I wouldn't look into it too much. Oil is still in a position to finish higher this week. Like Buck said, if we can start getting some consecutive draws in the coming weeks then there will probably be a little more confidence in the market. It's baby steps right now and everyone's trying to figure out if this thing is going to take off or not.

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To me, its all based in fear. Fear that producers will immediately jump on this news and start pumping like crazy again. I think it is going to take a few consecutive inventory drops to convince the market. Most people don't know how long or what it takes to complete a well.

Also, the looming threat of rising interest rates. There is an FOMC meeting in a few weeks, and I don't think you will see a huge change until then. If interest rates go up .25%, look for a sharp drop in oil prices and dollar-denominated commodities.

Just my (largely uneducated) opinion.

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The interest rate piece is interesting. So Oil is inflated because of low interest rates?

Because there is almost no where for interest rates to go, but up. Maybe someone can expand on this?

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To me, its all based in fear. Fear that producers will immediately jump on this news and start pumping like crazy again. I think it is going to take a few consecutive inventory drops to convince the market. Most people don't know how long or what it takes to complete a well.

Also, the looming threat of rising interest rates. There is an FOMC meeting in a few weeks, and I don't think you will see a huge change until then. If interest rates go up .25%, look for a sharp drop in oil prices and dollar-denominated commodities.

Just my (largely uneducated) opinion.

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The interest rate piece is interesting. So Oil is inflated because of low interest rates?

Because there is almost no where for interest rates to go, but up. Maybe someone can expand on this?

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Higher interest means higher dollar value which equals lower oil price.

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mfbarnes?! Your account's creation date lines up just about right!! And that is exactly the type of thing he would say!

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Just laughed out loud

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To me, its all based in fear. Fear that producers will immediately jump on this news and start pumping like crazy again. I think it is going to take a few consecutive inventory drops to convince the market. Most people don't know how long or what it takes to complete a well.

Also, the looming threat of rising interest rates. There is an FOMC meeting in a few weeks, and I don't think you will see a huge change until then. If interest rates go up .25%, look for a sharp drop in oil prices and dollar-denominated commodities.

Just my (largely uneducated) opinion.

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The interest rate piece is interesting. So Oil is inflated because of low interest rates?

Because there is almost no where for interest rates to go, but up. Maybe someone can expand on this?

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Higher interest means higher dollar value which equals lower oil price.

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Higher interest rates domestically will make dollar-denominated commodities more expensive for the rest of the world.