Crude Oil Inventories Enter Seasonal Drawdown

After months and months of inventory builds to extreme record levels crude oil has finally begun to see some draws including a surprise 2.2 million barrel draw last week:

 

Crude_Inventories

There are likely to be additional inventory draws over the coming weeks as the summer driving season approaches. While the recent rally in crude oil prices may have already priced much of this in already, bullish summer seasonality provides a tailwind that should continue to support crude prices on pullbacks over the coming months.

 

Bespoke – New For 2015: Back to Back Declines in Crude Oil Inventories