Key Macro Chart: When Will the Disconnect Between Inventory Signals and Oil Prices End? (2024/10/18)
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This report analyzes the dynamics of the silver and crude oil markets. Silver is approaching a key resistance level near $32.50, which may be broken through. Despite record-breaking US oil production, analysts point out that the data may not be accurate, and actual production levels may differ. EIA crude oil inventory data shows a decrease of 27 million barrels in total liquid inventories, with the gap between the three major US inventory data and the 2016-19 average reaching the largest in 7 months. Seasonal inventories have dropped to the lowest level in 8 years, with a 2.8% increase in four-week average demand
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