RE:RE:api reportrajags, you're right about could weather effect. Now we enter refineries maintenance for about 2 months, which is not good, then end of it and summer driving season, which is very good.
mug, there is 2 reports, the api tuesday at 4:30 PM ET (volontary report) and the most important, the eia (mandatory) at 10:30 ET on wednesday. Most of the time they are not equal but follow each other with a weekly delay. A -400k in the api instead of a 4M built was really not expected. The eia was in line (100k above) with the +4M expectation. Today wti finished up even with a built and a USD headwind. Was not bad finally...
Rig counts are closely followed by the oil traders. We need rigs to extract oil and falling rig counts means actual US depleting productions won't be replaced in the short term. I was amazed to see a draw in the api. All I said is if it happens to the eia report, it could be the start of a constant climb for oil. And it will soon imo. These reports are about wti, not brent, but they have a domino effect inthe energy stocks. Brent is back up probably on the beginning of new EU QE. A climbing brent price will lead to earase fears in the market and maybe accelerate some works... All in my opinion.