Energy OverView August 7, 2013

Crude oil prices are likely to get support from the inventory report, later today. Last night, the API reported further drawdowns in US crude oil inventories of 3.7 mb overall and another 2.2 mb at Cushing. So, despite the surge in domestic production, refiners are running hard, producing large amounts of refined fuels for… the outside world! Yesterday’s trade balance report highlighted the recent trend. There was a plunge in the trade deficit, unexpectedly