After the API shocked markets by reporting a massive 9.3-million-barrel increase in U.S. inventories yesterday, the EIA added insult to injury, saying inventories instead went up by 14.4 million barrels in the week to October 28, reaching 482.6 million barrels. The silver lining is that the total is within the upper limit for the time of year, according to the EIA data.
We suspect the markets won’t find much in the way of this silver.
Last week, the authority reported a meager 600,000-barrel decline in crude oil stocks, which despite its meagre size, managed to sway the market, pushing up benchmark prices.
(Excerpt) Read more at oilprice.com ...
