Oil has been on a rampant beat higher. Even with the U.S. Dollar showing upward trajectory, WTI continues to climb. Moreover, even when the DOE and API inventory reports come out with reports that could be considered bearish or neutral, the price of oil goes up. Just goes to show that demand is not the only input here… Sound familiar?
From Briefing.com:
Today, the Dept of Energy reports that:
Crude oil inventories had a draw of 1.1 mln (consensus is a draw of 1.2 mln).
Gasoline inventories had a build of 992K (consensus is a draw of 1.0 mln).
Distillate inventories had a draw of 2.1 mln (consensus is a draw of 2.4 mln).
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