Energy OverView June 7, 2013

The resiliency of crude oil prices showed themselves, again, yesterday. The huge drawdown in inventories reported on Tuesday and Wednesday in the weekly reports were punctuated by a Genscape report, yesterday, that indicated Cushing, OK crude oil inventories fell over 1 million in the past week. The pipeline additions and rationalizations coupled with the oil-by-rail miracle may finally be having the expected impact on Cushing inventories.