Fawad Razaqzada
TradingCandles.com
The American Petroleum Institute got it completely wrong. Contrary to the API, the official data from the US Department of Energy, which has just been released, shows that crude stockpiles dropped by a surprisingly large 3.4 million barrels last week, not increase. The drawdown may well have been due to the wildfires in Canada as the latter’s main export market is the US. Indeed, US crude oil imports were down by a good 5,000 barrels per day from the previous week, according to the DoE. Imports are likely to fall further this week because of the significant reduction of oil output in Canada. News that US oil production also fell, down 0.3% week-over-week, provided further support to prices.
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