July 2021

Over the last four weeks total stockpiles, including the Strategic Petroleum Reserve, have fallen at a rate of 1.15 million barrels a day, marking the largest four-week decline on a rolling basis in Energy Information Administration Data going back to 1982. Meanwhile, Nymex calendar spreads rallied Wednesday, with the September West Texas Intermediate futures contract

News last week that U.K. oil super-major, BP, is working on a plan to spin off its operations in Iraq’s supergiant Rumaila oil field into a stand-alone company had an extremely familiar ring about it to those who have been in the oil markets business for a while. It was exceptionally reminiscent of the withdrawal