RE:Imports are distorting the US inventory pictured_trump wrote: From the EIA database: US crude oil imports averaged 7.8M BOE's per day in the 10 week period ending July 3, 2016. In the same 10 week period in 2015, imports averaged 7.0M BOE's. The difference is 800,000 BOE's per day, or 5.6M in a week. So in other words, had US imports remained flat relative to 2015, the weekly inventory draw would have been 5.6M less each week.
This fact corroborates with the recent article that Saudi oil inventories have been steadily dropping. Unfortunately we don't have timely accurate world inventory data and we focus only on the US levels, but I think it's clear from this data that the picture is much more bullish than what US inventories are indicating.
Good to see you back d_trump.