Every week many of us pour over numbers. We look at the “rotary” rig count data from Baker-Hughes, API Inventory reports, and EIA reports. That’s in addition to the monthly reports out of OPEC, the EIA, and the IEA. Traders speculate and pundits fill volumes of internet news websites giving their educated opinions on oil.
And every time a member of OPEC opens their mouth to the media, a constant litany of self-promotion comes out and they brag about OPEC’s high compliance rate, and how OPEC has achieved record compliance. Yet, storage didn’t seem to be drawing down in a significant way. Now this certainly made since for the first few months of 2017. And may make some sense in the early part of the year, but by March we expected to start seeing some draws in U.S. inventory.