Oil Storage Report - Dec 28

[dan_s]

The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 4.609 million barrels in the week ended December 22. Market analysts' had expected a crude-stock draw of 3.970 million barrels, while the American Petroleum Institute late Wednesday reported a supply draw of 6.0 million barrels.

So, over the five week period ending December 22 United States crude oil inventories have fallen almost 900,000 barrels per day. < This is when demand for oil normally softens.

BTW oil inventories are also falling in Europe and in floating storage.