Tidbits, Crude Oil, Markets & Rain Days Update 11/30/22
Mexico's President Obrador clarified that the GMO corn import ban in 2024 would apply to human consumption corn, but GMO corn would still be allowed for animal feed. About half of Mexico’s corn imports are for human consumption. Expect more changes.
Analysts expected the weekly US commercial (non-government owned) crude oil inventory report would show a decline of about 2.5 million barrels. However, the American Petroleum Institute (API) said the draw-down was 7.85 million barrels after a decline of 4.2 million barrels the previous week.
The US commercial crude inventory has grown by roughly 13 million barrels so far this year, but crude stored in the nation’s Strategic Petroleum Reserves (SPR) is down nearly 16 times that amount so far this year, or 204 million barrels. The SPR now contains the least amount of crude oil since March 1984. That means the USA’s “emergency reserve” is lower than anytime the past 38 years, Folks. Even when crude oil reached $147 a barrel in 2008, we had a larger safety reserve.
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