Total crude oil imports averaged 8.6 million barrels per day in November -------- http://www.eia.doe.gov/pub/oil_gas/...ons/company_level_imports/current/import.html November 2010 Import Highlights:_ Released January 28, 2011 Monthly data on the origins of crude oil imports in November 2010 has been released and it shows that three countries exported more than 1,000 thousand barrels per day to the United States (see table below). The top five exporting countries accounted for 70 percent of United States crude oil imports in November while the top ten sources accounted for approximately 89 percent of all U.S. crude oil imports. The top five sources of US crude oil imports for November were Canada (1,975 thousand barrels per day), --> READ this as 1.97 million barrels per day Mexico (1,229 thousand barrels per day), Saudi Arabia (1,119 thousand barrels per day), Venezuela (884 thousand barrels per day), and Nigeria (806 thousand barrels per day). --->. 0.8 million barrels per day The rest of the top ten sources, in order, were Colombia (489 thousand barrels per day), Algeria (379 thousand barrels per day), Iraq (340 thousand barrels per day), Angola (263 thousand barrels per day), and Ecuador (188 thousand barrels per day). Total crude oil imports averaged 8,608 thousand barrels per day in November, which is an increase of 118 thousand barrels per day from October 2010.
Is everybody on this forum are for day trading and scalping only ? Don't we have people who wanted to broden their under standing of bigger oil picture , spreads etc. So that it can he help in swing trades and position trades? It is not a news item, it gives perspective where US oil imports are coming from Members pls. Let me know
I undestand why to bring it as for the large picture. I ask if it can help in any way to day trading or just as reference to what was going on in general in the market.
I'm just a day trader and use price only. Price tells me there's news, and I learned the hard way it's better if I don't know what the particular news actually is. If traders suddenly bid price up through a resistance zone or knock it down through a support zone, that tells me all I need to know. I do believe there are plenty of position traders following this thread who are interested in the fundamental stuff you're posting.
These import numbers won't help for any day trading. But knowing and refreshing these kind of numbers in this way helps. Let us walk a scenario this Libyan issue is bit settled in 1/2 weeks and US oil is trading $93 at that time . This info gives one more validation ( in addition to many other ) to go short for position trade as US is not importing much oil from Libya
not everyone is a scalper, but most here don't go much beyond daytrading, myself included. In reference to your contributions, it is welcomed...anything to get a better understanding of this market can only help everyone in the end, whether they chose to make use of the info or not.