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From FT Alphaville:
EIA US oil inventory data released on Wednesday surprised many investors by reporting unexpectedly large draws in crude, distillates and gasoline stocks last week.
While on the surface this came might have come across as bullish for the energy complex, one factor more than others probably accounted for the pickup in demand. Via Reuters:
Tropical storm Ida temporarily shut in up to 43 percent of U.S. Gulf crude production after it made landfall on Tuesday of last week, according to government data.
In other words tropical storm Ida left more of a footprint on US energy markets, than many anticipated. Consequently, it’s unlikely that the data marks any reversal in the recent trend towards oil and product stockbuilds....MORE