Oil Futures Point To Higher Oil Prices

The EIA reported another strong week of inventory declines in
its most recent data release, revealing a drawdown of 6.5 million
barrels for the week ending on August 4. That means that the U.S.
has now pulled more than 60 million barrels from storage since
inventories peaked in March at 535 million barrels. More
importantly, there is growing evidence to suggest that the
inventory drawdowns will continue and might even accelerate. That
evidence can be found in the futures market, where changes in
longer-dated contracts are no longer trading at a…

The EIA reported another strong week of inventory declines in
its most recent data release, revealing a drawdown of 6.5 million
barrels for the week ending on August 4. That means that the U.S.
has now pulled more than 60 million barrels from storage since
inventories peaked in March at 535 million barrels. More
importantly, there is growing evidence to suggest that the
inventory drawdowns will continue and might even accelerate. That
evidence can be found in the futures market, where changes in
longer-dated contracts are no longer trading at a…