Zero Hedge
All posts from Zero Hedge
Zero Hedge in Zero Hedge,

Oil Slides Despite Inventory Draw And Crude Production Dropping For 6th Week

Confirming last night's 'surprise' API inventory drawdown, DOE reported a 2.1mm draw, following 2 weeks of significant builds. Crude production fell for the 6th week in a row to its lowest since Dec 2014. It appears some profit-taking algos are in place as a draw combined with lower production has been met with significant selling pressure in WTI.

Inventories down... (DOE 2.1mm draw is less than the 3.1mm API draw - so maybe that is why oil is sliding!!?)


and production down for 6th week in a row... note that this was driven by a 0.4% decline in Lower 48 production (while Alaska increased production 3.8%)


and the result... a selloff

Charts: Bloomberg