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Last week's EIA data, showing a crude stock.....>

OIL
OIL: Last week's EIA data, showing a crude stock draw of 8.9 million barrels in
the week ending August 11, failed to give crude prices much of a lift.
- Oil was briefly underpinned by Friday's Baker Hughes rig count data, which
showed a five rig decrease to 763 rigs for U.S. "oil-only" rigs in the week
ending August 18.
- This was a bit less than double the 406 rigs seen a year ago. However, U.S.
oil-only rigs were still down 52.6% from the peak rig count of 1,609 rigs seen
Oct. 10, 2014.
- The Joint OPEC/non-OPEC Technical Committee (JTC) met Monday in Vienna and
there were reports that compliance in July was lower than the 98% reported in
June. This weighed on crude prices in afternoon action.
- Most recently, WTI topped out at $52.00 May 25, before the announcement of a
nine-month extension of OPEC/non-OPEC production cuts. The extension was largely
priced in and oil fell to $42.05 on June 21.
Energy BulletsCommodities
Energy BulletsCommodities

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