Energy Week #13: EIA Draw—where did the oil go? Panelists Berman/Alhajji/Shuchart

Macro Voices

Hedge Fund Manager Erik Townsend

Business, Investing, Business:investing

4.8 • 3.4K Ratings

🗓️ 1 August 2019

⏱️ 62 minutes

🔗️ Recording | iTunes | RSS

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Summary

Energy Week starring Art Berman, Anas Alhajji and Tracy Shuchart covers the big EIA draw (where did that oil go?), E&P equity price trend & much more.

Transcript

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0:00.0	This is a special edition of Macrovoises with hedge fund manager Eric Townsend.
0:14.2	The premier financial podcast targeting professional finance, high net worth individuals, family
0:19.8	offices, and other sophisticated investors.
0:23.0	Now for this special edition of Macrovoises, here's hedge fund manager Eric Townsend.
0:30.0	Macrovoises Energy Week Episode 13 was recorded on July 31, 2019.
0:35.5	I'm Eric Townsend.
0:36.8	I'll be joined this week by petroleum geologist Art Berman, author and consultant,
0:41.5	honest al-Hajee, and professional crude oil trader, Tracy Schuchart.
0:45.9	Our topics this week will include the EIA data, what's going on with the macro backdrop
0:52.4	and a host of other topics.
0:54.6	But first, let's dive right into the EIA data.
0:57.8	Crude oil drawing down an utterly massive 8.5 million barrels.
1:03.9	Big question mark, though, where did that go?
1:06.4	Because as we'll discuss in just a moment, didn't come out of the usual suspect places.
1:11.3	Cushing Oklahoma drawing down 1.5 million barrels, gasoline drawing down 1.8 million barrels,
1:17.5	distillates drawing down 894,000 barrels.
1:21.2	So draw downs across the board.
1:23.6	Payback was a quick pop-up, but not much follow-through, and by the end of the day, we were
1:28.2	trading substantially lower than before the data came out, despite the really big drawdown
1:34.1	on inventory.
1:35.1	US production is back up, exports are not up, so where did that oil go?
1:40.0	Well to solve that mystery and others, let's go ahead now and meet this week's expert
	...

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