Welcome to the EIA edition of Oil Markets Daily!
Oil prices took today's bearish EIA oil storage report in strides. With prices staying above the breakout level of $41.20 and moving higher despite the initial downward move following the report.
Our takeaway from the report was that it was net bearish. The demand recovery has stalled as gasoline demand is plateauing, while higher COVID-19 cases in the US are tempering demand.
In recent weeks, we have started to publish a weekly storage report card for subscribers. Below is what we published today.
This week's report