63.00 or 63.25 looks like a buy right now even though all stocks are Ponzi-krap
EIA's production figures appear to have seriously understated U.S. oil production since 2015 began - potentially by as much as 200,000 barrels/day - masking the extent of the excess supply in the U.S. market. Over the past ten days, however, it has become clear that EIA has severely underestimated U.S. oil production since the first of this year, raising serious questions regarding EIA's recent estimates of future production.
The first sign that EIA's assessment might be far off the mark occurred on May 28th, when EIA issued its Weekly Petroleum Status Report for the week ending May 22nd. In its May 28th Report, EIA abruptly raised its estimate of weekly production, reporting that production in the Lower 48 states had increased by 209,000 barrels/day between the week ending May 15th and the week ending May 22nd - the largest one-week increase ever reported by EIA not attributable to restoration of production after a major hurricane in the Gulf.
plus Saudis talk Friday- oil could tank more