USAI - Oil Market Rationalizes Economic Activity
Looking at the details, the higher WTI pricing becomes evident.
- US Crude Production has fallen to 11.5mil BBL/Day.
- Exxon (XOM) restarts refinery - Refinery inputs rise.
- Gasoline Inv rises a little, but US Crude Inv falls ~5mil BBL.
Oil prices are rising sharply with the early evidence supplied from Initial Unemployment Claims falling rapidly below peak levels. Market psychology improved quickly. Following this, Apple (AAPL) released the Apple Mobility Trend data showing an uptrend which soared in the last release. Market psychology improved yet again and pushed WTI higher more on surprises in improved economic