US EIA oil inventory data week ending 6 July 2018
- Prior 1.245m
- OPD -6.796m
- Cushing -2.062m vs -2.113m prior
- Gas -0.694m vs -0.750m exp. Prior -1.505m
- Dist 4.125m vs 1.200m exp. Prior 0.134m
- Production 10.90m unch (again)
That’s a huge draw. I can’t remember the last time we got one as big as that.
WTI spiked naturally to 74.01 but is back down to 73.64. The market may have been leaning that way after teh overnight data but that’s nearly double that projection.