Oil production down, demand is up & inventory errors
What many here seem to fail to understand is that, aside from being impacted by the wider world markets, oil prices are impacted most by production and demand.
That's what created the incredible 2015 oil bear run that ended in February.
Since then, we have had a reversal. The two drivers are production and demand.
Wall Street and Bay Street traders seem to underestimate this and always seem to focus on inventories for short term trading. Good luck with that.
API and EIA are telling us in no uncertain terms that their estimates are estimates. Watch when someone does a real physical count that includes inventories already sold and spoken for. The charts are already telling us where we are going. What they aren't telling us is with what intensity.