- EIA reported US total liquids stockpile down ~12.6 million bbls yesterday.
- US implied oil demand on a four-week average hit an all-time high above ~22 million b/d.
- We're now at least ~2 million b/d above demand on OECD than any analyst demand estimates.
- On a coverage ratio, total liquids stockpile fell below 80 days.
- And as for product storage, we're going into the draw season at one of the lowest coverage ratios ever as well at below 28 days.
For further details see:
U.S. Oil Inventories Plummet On Bullish Demand, Product Storage Enters Draw Season At Multi-Year Lows