Crude stocks down 25.6 MMBO in last eight weeks
One of OPEC’s primary goals in passing production cuts has been to decrease global inventories, but this objective has been mostly elusive in early 2017.

Inventories in the U.S. in the beginning months of 2017 did not respond to the reduced OPEC output. Instead, commercial crude inventories in the U.S. in February and March actually exceeded the record highs of 2016, signaling that the OPEC cuts were not being felt at all.

But finally, U.S. inventories have begun dropping.

After peaking ...

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