Following API's considerably larger than expeted inventory draw last night, DOE reported a huge 6.81 million barrel draw (against expectations of a 3.46mm barrel draw). This is the biggest inventory draw in 11 months. In addition production rose once again (up 0.25%) to new record highs at 9.61mm bbl/day. Crude prices are holding gains after this.
Ibnventories plunged by the most in 11 months
[4]
And production rose once again...
[5]
It seems the machines took a little time to read the production data...
[6]
Close up - the difference between computers and humans...
[7]
One wonders - if production is so high everywhere and inventories are being drawn down and tanker fees are stillhigh - is all this production just going into the storage/carry trade?
Charts: Bloomberg
