Oil bulls draw hope from fall in U.S. crude stocks:

12 May 2017   Oil Supply, Prices

U.S. crude stocks have shown a sustained decline over the last five weeks, giving oil bulls new inspiration that the market is rebalancing. Commercial crude inventories have fallen by 13 million barrels since the end of March, according to data from the U.S. Energy Information Administration ( tmsnrt.rs/2r39psy ). Crude stocks generally follow an annual cycle driven by seasonal variations in fuel consumption and the maintenance schedule for U.S. refineries. Stocks typically rise during the first four months of the year, reaching an annual peak in early May, before falling steadily through the middle of September. During the decade between 2007 and 2016, crude stocks increased by an average of 45 million barrels between the start of the year and the annual peak on […]

Comments are closed.