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USOD - Open Insights: Jeddah Mind Tricks At OPEC's Meeting
United States 3x Short Oil Fund
Continuing our weekly series, Open Insights, we'll take a look at the EIA's Weekly Petroleum Status Report ("WPSR") for the week of May 10, 2019 and also discuss the recent OPEC meeting in Jeddah, Saudi Arabia.
EIA reported a crude draw of 5.4M barrels for the week as both exports and imports leapt by 1M bpd and 919K bpd, respectively. Based on the tanker tracking data we have, both were likely overstated and should correct to the downside in this week's report. WTI/Brent spreads remain healthy, and we anticipate exports to stay elevated 2.5-2.8M bpd