CRUDE OIL INVENTORY/’000 bbls (Week Ended 10/31/14)
Current: 380,205
Actual Build/(Withdrawal): 460
Economist Average Estimate: 1,963
Previous: 379,745
We are starting to see impact of heating oil demand picking up. I expect to see regular draws from storage starting in two weeks.
Demand for oil and gas is seasonal. Much more of an impact on U.S. natural gas market, but global demand for oil increases by about a million bbls per day from 9/30 to 11/30. Lots of folks still burn oil to heat their homes.
Crude Oil Inventory Report - November 5
Crude Oil Inventory Report - November 5
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group