API stock data cheered the Oil markets

Malcolm Graham-Wood Independent Analyst

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...

Author

Malcolm Graham-Wood

Independent Analyst

Malcolm Graham-Wood started his City career as a trainee analyst at Wood Mackenzie and then cut a swathe through a number of broking houses, all the time building up his knowledge and love of the upstream oil and gas industry incl

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