19 Million Barrels Plus and Counting"If you look at data from the American Petroleum Institute (API) you will see that it is obvious that OPEC/non-OPEC production cuts are starting to have an impact on U.S. oil inventory. The API not only reported a whopping 8.67-million-barrel drawdown in oil inventory last week, they also reported that over the last 5 weeks there has been a drop of over 19.277 million barrels. Now I know what you are thinking. Many believe that the Energy Information Administration (EIA) data that we get later today is the only data that matters. Yet even in the EIA data we have seen U.S. crude supply fall for 7 consecutive weeks and during the same time, over 5 weeks we saw U.S. oil inventories fall by almost 16 million barrels. If today the EIA reports a similar 8 million barrel plus draw down, the market perception that OPEC/non-OPEC cuts are not working will be put to rest."
Read the rest here:
https://blog.pricegroup.com/2017/06/01/19-million-barrels-plus-and-counting-the-energy-report-060117/