2017 U.S. Oil Inventory Reductions Will Be The Largest In 15 Years [Seeking Alpha]
Baytex Energy Corp Common Shares (BTE)
Last baytex energy corp common shares earnings: 3/4 06:30 am
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Source: Seeking Alpha
Summary While the bearish narrative in the oil markets surrounding OPEC compliance, Libyan and Nigerian production growth, and shale production growth are still prevalent, it is now very difficult to ignore that some semblance of a global re-balancing is occurring. The recent price rally in WTI is, for the first time three years, genuinely correlated with a reduction in U.S. inventories relative to the all-important five-year average. It is fairly well understood that a global rebalancing will involve a reduction firstly inventories of net producing regions, followed by a reduction in net consumption region inventories (the reverse is true during a period of inventory builds). This is because it makes economic sense to keep inventories close to refiners and consumers, and also due to relatively cheap and abundant storage option in net importing (particularly OECD) regions. This is exactly what has been happening. Early 2017 saw a big spike in OECD inventories relative to
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BTE
Sec Filings
- 4/9/24 - Form 6-K
- 4/1/24 - Form 6-K
- 3/25/24 - Form 144
- BTE's page on the SEC website