Oil Price up because....

[dan_s]

July 29, 2015

CRUDE OIL INVENTORY/’000 bbls (Week Ended 7/24/15)

Current: 459,682
Actual Build/(Withdrawal): (4,203)
Economist Average Estimate: 134
Previous: 463,885

These weekly reports from EIA flop around so much because there are a lot of WAGs in the numbers.

U.S. oil production is probably declining by over 100,000 BOPD each month.

[jb2257]

Did anyone see this headline which might also be affecting the price?:

http://www.nasdaq.com/article/saudi-ara ... 0729-01040

[dan_s]

That is definitely encouraging. I'm sure the pressure on SA to support prices is building.

[setliff]

the eia report said lower 48 production decreased by 151,000bpd last week.

[dan_s]

IMO the EIA has been over-reporting U.S. production for month. They are just catching up to reality. EIA has no way of knowing what production was last week. It takes the states months to collect actual production data.