Strange scenario on the NYMEX since the barrel of oil “WTI” drops by -2.3% to $ 41.7 while the commercial oil stocks of the United States contracted by approximately -9.4 million barrels, according to the latest data published by the Energy Information Administration (EIA).
The argument for a rapid resumption of activity after the shutdown of facilities in the Gulf of Mexico and coastal refineries is not 100% convincing because the consensus of specialists was counting on the announcement of a modest decline, of the order of -1.8 million barrels … so no “fait accompli” to justify the current correction.
Of course, we do not lose sight of the progression of the Dollar, of + 0.7% towards 1.1840 / E: there is an inverse relationship between the greenback and oil, but it appears completely asymmetrical with a movement 3 times most important of the “WTI”.
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