bullish
US Oil Inventories Log Biggest Ever Weekly Decline
SUMMARY
- US Oil Inventories Log Biggest Ever Weekly Decline US weekly oil inventories (ex SPR) fell by over 17 million barrels, as last weeks EIA data showed.
- This draw marked the largest weekly drop in history and shows that the US demand for oil remains strong - this fits an (at least in the mid-term) improving economic momentum picture that we painted in our latest macro outlook.
- Meanwhile, the divergence between the price of crude (reversed line in red) and the inventory data (black line) remains quite large.
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