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The U.S. Energy Information Agencyreleased the most recent U.S. Petroleum Balance Sheet for the week ending July 26, 2019:
Key Observations:
Total oil stocks, including SPR, dropped by 10.1 million barrels, and
The vast majority of the week-over-week drop was primarily driven by a drop in commercial crude oil inventories.
Further, the total draw in crude oil inventories in the month of July was the highest dating back to 1983, primarily driven by the declining crude oil imports from Saudi Arabia:
Normally, the combination of the above facts would have boosted oil