The Wall Street Journal has a nice summary of what’s been going on in oil markets here: http://www.wsj.com/articles/oil-prices-rise-ahead-of-key-u-s-supply-data-1457518642
“There are signs that rampant drilling is slowing around the world, and hope for a deal to freeze or cut output among the world’s biggest producers. The EIA’s report also gives some hope that demand is rising even before the start of the high-demand summer driving season, helping balance a market that has been oversupplied and crashing for nearly two years.”
Here is a picture of gasoline stocks (I need pictures, graphs, charts, etc..) that puts yesterday’s draw in perspective:
Encouraging for bulls, yes, but here is crude:
And distillates:
Of course, the story has many more moving parts… Here is the WSJ:
“Those falling product stockpiles come at a time when crude output is declining from key producers Nigeria and Iraq because of pipeline attacks, analysts said. Iran is also falling short of putting as much new oil onto the market as some expected, and all of that emboldens bullish traders, said John Saucer, vice president of research and analysis at Mobius Risk Group in Houston.”
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