RE:RE:RE:RE:API Surprises Oil Markets, Reports Draws Across The BoardConfusedd wrote: So quick math says Cumulatively there has been about 26 ish million barrels drawn out of storage in the past 6 months, How does this compare with 2015 for the same timeframe? For the past 6 months there has been an average draw of 1 million barrels from storage any thoughts will this continue at this rate accelerate or decelerate?
From May 1 to Sept 23, inventory is down 40M barrels - almost exactly the same as last year, HOWEVER in that same time frame net imports (imports less exports) were higher this year by an avg of 400,000 BOE/D. 400k x 21 weeks x 7 = 59M barrels. So even though the US net draw is the same, they absorbed 60M barrels from the global stockpile.