Inventories are extraordinarily sturdy, and OPEC's commitment, at least in the near term, to not cut production should only serve to reinforce the ample supply of oil in the market.
More Quotes from Rakesh Shankar:
The drawdown in crude inventories came at a time when refinery utilization remained low due to scheduled maintenance shutdowns.Rakesh Shankar
Inventories for this time of the year remain astoundingly above average.
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Sturdy product inventories should help to temper market fears of energy shortages, and should help cajole broader energy prices lower in the next few weeks.
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This week essentially marks the death knell for winter.
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After a relatively swift recovering following the devastating hurricanes late last year, refinery utilization moderated sharply since the beginning of this year, and is yet to meaningfully recover.
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We are entering spring with near-record levels of inventory. A recent cold spell notwithstanding, few people now care about surprises in this release, seeing as how total inventories are nearly 70 above average.
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