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clock Created with Sketch. 04/09/17
10:13
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Originally posted by MoneyBags1348
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A number of oil platforms and rigs were taken offline before Harvey hit, taking supply away from the market, where as refineries were shut down later due to the storm as were more rigs were also shut down. The price of refined products has gone up sharply where oil as dropped slightly, but the overall supply of oil in the market has decreased due to this event and the fact that OPEC has cut production and Libya has also experienced a major drop in supply over the last week.
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The EIA is over-estimating US shale production by 150-300, 000 barrels a day (kb/d) and the misinformation is keeping oil prices down.http://bit.ly/2xHQojz
