Is The Market Running Out Of Patience With OPEC?

Just as we warned yesterday following the EIA inventory and production data release, the exuberance over the crude draw was misplaced (due to the surge in product builds and almost unprecedented refining activity along with continued resurgent oil production). Saudi imports continue to show no sign of the OPEC cuts and as one analyst noted, “the market looks like it wants to turn lower, maybe it has run out patience waiting for OPEC” As a reminder, U.S. crude inventories declined 3.6m bbl Wednesday, but gasoline, distillate stockpiles grew by a…

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