RE:Inventory report out69chevelleSS wrote: Build of only 2 mil barrels. Keeps dropping every week
To add to that, from https://news.forexlive.com/!/us-weekly-energy-inventory-data-oil-stocks-exp-3000k-20160420
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US EIA weekly oil inventories +2080K vs +3000K expected
- Gasoline -110K vs -1750K expected
- Distillates -3554K vs 0K exp
- Production 8.953 mbpd, down 0.3% w/w
- Prior production was 8.977 mbpd
Another week where poroducts consumed were greater than the crude build. Always nice to see before we even hit high demand season.
IEA is expecting Q1 to Q3 demand to increase 1.8M/day. People forget that the way we get the increase of average demand every year (IEA predicting 1.2M/day increase average demand in 2016) is a step ladder type of change, more than a straight line. Q1/early-mid Q2 pretty flat, then there is a big spike in late Q2 leading into Q3 that brings up the yearly average.