Crude Oil Storage Report - Sept 16

[dan_s]

CRUDE OIL INVENTORY/’000 bbls (Week Ended 9/11/15)

Current: 455,894
Actual Build/(Withdrawal): (2,104)
Economist Average Estimate: 1,790
Previous: 457,998

WTI is moving up on this news, trading about $2.50/bbl higher at noon ET.

During the second half of September the refiners start ramping up production of heating oil. Most people think the summer is the highest demand period for oil, but the 4th quarter is actually the highest demand of the year for crude oil. A lot of people in this world still heat their homes by burning oil. U.S. oil production may drop 500,000 bbls per day by year-end.