17 Mar '17, 8pm

What Really Caused The EIA Oil Draw?

What Really Caused The EIA Oil Draw?

Crude prices are rebounding today, bouncing off the trampoline of price support at $48 for WTI and $50 for Brent. A surprise draw to U.S. crude inventories (not to some ) has been behind the rally (see more below), while the monthly IEA report followed in OPEC’s footsteps by showing higher Saudi production, and higher OECD petroleum inventories. All that said, hark, here are five things to consider in oil markets today: 1) Hot on the heels of yesterday’s OPEC report, the IEA has released its respective monthly report today. In similar fashion to OPEC, the Paris-based agency has highlighted how OECD inventories have increased . After six consecutive months of dropping, stockpiles have rebounded by 48 million barrels in January, to back above 3 billion (beeelion) barrels. As we pointed out yesterday , the goal of the OPEC production cut is to reduce OECD inventories back in ...

Full article: http://peakoil.com/consumption/what-really-caused-the-eia...

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