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EIA weekly report: Why it should appear bogus to Gorozen, too: From Gorozen Q3 energy report. "We calculate global demand at 102 mm b/d, while non-OPEC supply (including OPEC NGLs) is approximately 71 mm /d, and OPEC crude production is 29.9 mm b/d., Global demand exceeds supply by 400,000 b/d. Given normal seasonality in oil markets, demand often exceeds production in Q4, leaving inventory drawdowns to make up the difference." Despite, normal seasonality whereby Q4 oil demand increases, the oil inventory increased per the EIA. MY BS call on EIA weekly report is sustained! |
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