EIA draw

[Lucia + 5]

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

Any opinions?

 

[TomTom + 183]

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.

[junglekidman 0]

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

[Blackbag99 + 20]

I wouldn't get excited by a few seasonal draws, June and July are very much against you as a bull oil trader.

Best place to find support will be rig counts. 

[Jay McKinsey + 1,490]

On 5/13/2020 at 9:10 AM, TomTom said:

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.

And a massive build in distillates. The refiners ran out of crude oil storage and are now storing it as refined diesel.

[Jay McKinsey + 1,490]