EIA report was bullishin my opinion but first impressions where negative because they focused on 1.9 million in gasoline increase to storage with 1.9 decrease in oil storage but they forgot to mention distilates went decreased 1.9 billion barrels, so refineries are slowing down for fall maintenance and reducing their runs and now imports are going to slow down as well so maintenance season won't be a huge increase in oil storage as some analysts were predicting.
the oil market is slowly balancing as long as demand stays at current levels and increase 1 million barrels in 2017m with or without a produciton freeze as long as they don't keep increasing produciton from russia and opec we will be much better in 2017.
short term MEG needs to prove to this market that they can survive, be it JV deal, increase in produciton and or asset sales namely access pipeline, otherwise the shorts will keep doingf what they are doing unfortunately.
GL