Groundhog Day for OPEC

Both the API and EIA agree: U.S. crude oil inventories shrunk last week - by millions of barrels. U.S. crude oil inventories are down based on five-year averages. Globally, demand is exceeding supply too, but as driving season comes to a close, that could be about to end, leaving OPEC+ in a bit of a sticky situation.

  It’s reminiscent of a decade ago when OPEC refused to cut production in hopes that falling prices would squeeze out higher-cost U.S. shale. OPEC chose not to cede market share to the United States by withholding production…