API stock data cheered the Oil markets
|Yesterday the oil price went down, Petro something or other counted some tankers and said that within Opec, and from Russia, oil exports were ‘on the rise'. I'm not sure that they are but who knows? After the close the API reported inventory stats which cheered the market as they actually reported an unexpected draw in stocks of a short 900/- and -1.5m at Cushing. This morning the see-saw continues with crude oil up around 80 cents a barrel.
Finally and I write this because all my old readers know how much I enjoy the stat..The US Department of Transportation have announced that last year US motorists drove 3.22 trillion miles which was up 2.8% on 2015 and shows a delightful disregard for their own carbon footprint...
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