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USAI - Crude Oil: Inventory-Price Modelling Implications For 2020
American Energy Independence
Using inventories to predict oil prices has some merit, but it is only one factor to consider. For example, last October and November, crude oil prices crashed, leading up to the imposition of sanctions on Iranian oil, and the granting of waivers. That price development had nothing to do with U.S. crude oil inventories.
Today, oil prices are down based on a Reuters report that Russia may not agree to deeper cuts at the December OPEC+ meeting. "We expect uneasy talks in December. Russia will not categorically agree to (deepen) cuts in winter," a source