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Welcome to the implied production edition of Oil Markets Daily!
Note: This article was first published to HFI Research subscribers in our exclusive Oil Market Fundamentals daily report. See here for more info.
WTI rose above $60/bbl today following the larger than expected US crude storage draw of -9.5 mbbls. US crude storage is now at 459 million bbls, which means we have another ~80 mbbls to go before we reach our goal of ~380 mbbls.
Source: EIA, HFI Research
Most of the draw this week came from PADD 3 where it's crucial that