Archives of “May 13, 2020” dayrss
Weekly petroleum inventory data from the EIA:
- First draw since January
- Crude -745K vs +4000K expected
- Gasoline -3513K vs -2500K expected
- Distillates +3511K vs +3000K expected
- Cushing -3002K vs +2068K a week ago
- Crude +7600K
- Gasoline -1911K
- Distillates +4712LK
- Cushing -1000K
Most of it is claimed as “not held as reserve assets by authorities”. Chinese capital outflows escalating again? It’s the first surplus in a decade.
Comments by IEA chief, Fatih Birol
I think that is very much a given at this point, but the good news is that oil demand should get better over time as economies start to pick up eventually. That said, there will still be pressure on oil prices as inventories continue to build and as storage spaces run short.
Tensions between the two countries continue to mount in recent days
In case you missed it, Trump directed the Federal Retirement Thrift Investment Board -charged with overseeing billions in federal retirement dollars – to stop plans to invest in Chinese companies/stocks on the pretext of ‘national security’.
Here’s a little snippet:
- Beijing has banned the flying of all aerial vehicles and balloons for entertainment, advertisement or other purposes within its administrative area from May 20-28.
- annual meeting of China’s top lawmakers and political advisers
- nicknamed the “Two Sessions”
- The Two Sessions include the plenary sessions of the National People’s Congress (NPC), the country’s top legislature, and the Chinese People’s Political Consultative Conference (CPPCC), a body that advises the government on a range of issues.
He scores a quick nice profit after he busted it all and had to file bankruptcy. He sold out for a quick one to gain back some confidence. But he let a big one go (making an exception for his “it’s the sitting that makes the big money” strategy).