EIA Data – Big Drawdown In Crude Oil Supplies
EIA numbers are out this AM.
Crude Oil supplies – DOWN -4.9 million barrels
Gasoline inventories – UP + 1.4 million barrels
Distillates inventories – UP + 1.8 million barrels
HERE IS WHAT I AM LOOKING AT:
DAILY PRODUCTION – DOWN 14,000 barrels per day. Production has now fallen 10 out of the last eleven weeks and is at 9.008 million barrels per day. That is near November 2014 levels.
CUSHING INVENTORIES – UP + 357,000 barrels to 66.318 million barrels
GULF INVENTORIES – DOWN – 4.326 million barrels
Crude oil has gapped higher this morning and now looks to be holding at the 100 DMA. This could be the bottom of the new range. With BOTH PRODUCTION CUTS AND STORAGE REDUCTIONS, there is no compelling reason for the bears to try pressing it this AM.
Disclosure: None.
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