RE:EIA Crude Draw -4.58m, Gasoline builds 1.3mLots of great charts my friend but here is what I am looking at....
Brent and WTI are priced in US dollars (so far) and so if the US dollar weakens against other currencies such as the Euro, then oil prices should go up. What we have seen is the exact opposite.
Last Fall, the US dollar Euro exchange rate was 98 cents - you could buy a Euro for 98 cents US. I bought a ton of Euros at that time (see my posts from back then) as a trading position and also as cash for my European vacations. At that time the price of WTI was 92 a barrel.
Since then the US dollar has depreciated against the Euro and it now takes a dollar and 10 cents US to buy a Euro. While this has been going on, the WTI price has gone down to about 80 dollars - not up.
The message is quite clear to me - these charts are great but there are some more powerful things going on that are not good for oil and by extension investors in oil.