Oil prices continue to post gains. Last night, the newly secretive API report showed a decline in US crude inventories of 2 million barrels, much of a decrease than was forecast. We will have to see if the EIA confirms the drawdown, but the primary factor will likely be diminished imports, again, in the face of strong refinery demand. The monthly reports from OPEC, EIA, and IEA are all out now, and they all show diminished expectations for US shale output, but an increase in OPEC production.
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