Saudi Arabia seemed to flag a modest cut in production in September

ANALYSIS | 07/30/2015 08:48:13 GMT

WTI rose for the first time in five trading sessions yesterday after a set of inventory stats yet again flummoxed Wall Street’s finest. The EIA numbers came in with a stock draw of 4.2m barrels with the teenage scribblers having crayoned in a small rise, better luck next time kids. Seriously though, as I mentioned before, these numbers really needed to be a draw and a draw at Cushing was also a big help. To carry through any sort of rally in the crude price the market needs to see stocks drawing probably through to Labor Day and beyond but this is at least a start.

The other slightly better piece of news came from Saudi Arabia who are seeming to flag a modest cut in production in September, this is due to lower domestic demand at the end of the summer and wont help market that much as exports are unlikely to tumble.

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