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EIA draw

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I am really intrigued about the draw in inventory reported by EIA today.

Any opinions?

 

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Crude imports have fallen back quite a bit and local producers are also curtailing production. 

On the other hand, demand is clearly picking up as the EIA also reported a draw in gasoline inventories.

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The Crude Oil glut is still very much alive. A draw does not mean the Glut is over. Read somewhere Crude Oil consumption will take years to come back to Pre-Covid levels

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