Oil Prices Lag In Spite Of Strong Inventory Draws

-Global crude oil inventories are drawing rapidly. US crude
supplies have dropped from 536m on in late March to 466m (a
20-month low) as of last week implying average daily draw downs of
518k bpd over the last 4.5 months. By contrast, US crude stocks
only fell by about 11m bbls during the same period in 2016 and the
average draw during the same period from 2012-2016 was 28m bbls.
OPEC data was also supportive of this story with JODI reporting
Saudi exports to a 3yr low of 6.9m bbls in June with Saudi
inventories fell to 257m bbls representing a…

-Global crude oil inventories are drawing rapidly. US crude
supplies have dropped from 536m on in late March to 466m (a
20-month low) as of last week implying average daily draw downs of
518k bpd over the last 4.5 months. By contrast, US crude stocks
only fell by about 11m bbls during the same period in 2016 and the
average draw during the same period from 2012-2016 was 28m bbls.
OPEC data was also supportive of this story with JODI reporting
Saudi exports to a 3yr low of 6.9m bbls in June with Saudi
inventories fell to 257m bbls representing a…