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As highlighted by Tavi Costa, the implied demand for oil just surged to all-time highs
It was the largest weekly increase in 26 years. Meanwhile, US oil production remains ~7% below pre-pandemic levels with total operating rigs starting to contract for the first time in 3 years. Source: Bloomberg, Crescat Capital
C(RUDE) AWAKENING...
Crude oil is taking out the 200 day moving average. We haven't seen oil close above the 200 day moving average since Q3 2022.... Source: TME, Refinitiv
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