Energy Prospectus

After markets closed Tuesday, the American Petroleum Institute, an industry group, said that U.S. oil inventories fell by 4.3 million barrels in the week ended April 1, surprising traders who were expecting an increase of 2.9 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub for WTI rose by 62,000 barrels, the API said, while distillate inventories added 2.7 million barrels. Gasoline inventories fell by 116,000 barrels.

yet the media in several spots this am puts the api numbers as secondary to expectations that the freeze will happen.

go figure!

Oil futures recovered from one-month lows to end the previous session up after Kuwait said there were “positive indications an agreement will be reached” on output during a producer meeting scheduled for April 17 in Qatar.

http://www.investing.com/analysis/crude ... -200124196

IMO oil supply/demand will be much tighter in a few months no matter what OPEC does. A big spike in demand for transportation fuels is just a few months away.