The OPEC Story Is a Story About Supply

EIA printed a massive build of 7.9 million barrels, which was the 11th weekly draw in a row. US production stayed unchanged at 12.4 million barrels; that's holding a new plateau in terms of production levels reached since the COVID pandemic. Tape Action was down on the inventory released, then bounced briefly, and then on the FOMC statement was down even more. OPEC's gesture of holding their price cuts in Saudi Arabia's voluntary cut seemed to have been forgotten completely as prices are right back down to where they were before the OPEC news.