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Crude oil inventoriesDoha agreement failure had no effect, nor the Kuwait strike short live...Here is what moved crude oil this morning from 10:30 ET: crude oil inventories +2.08M , lower than +2.40M expected distillate stocks -3.55M, much lower than +0.304M expected crude oil US domestic production -24k b/d in a week (again, about -20k b/d per week on average since mid jan) Simply put: bullish report (wti jun contracts turned back up to $44) And we are heading to the summer driving season... Clearly, crude oil is on the way back up. Stella delay will end up to be a brilliant move, as the hedges were... http://www.forexlive.com/EconomicCalendar https://www.eia.gov/petroleum/supply/weekly/ http://ir.eia.gov/wpsr/overview.pdf http://www.investing.com/commodities/crude-oil |
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