While analysts expected that U.S. crude oil inventories grew by 2.2 million barrels last week, the API reported yesterday that inventories dropped by 2.1 million barrels.
In addition, data coming out of the Middle East is showing that Iranian exports for the first two weeks of October 2018 were 1.5 million barrels per day – down from 2.5 million barrels per day in April 2018.
At the same time, however, reports yesterday show that U.S. demand for gasoline may be weaker than expected while U.S. shale oil plays continue to increase production to record levels. WTI gained $0.23 to close at $72.23 per barrel yesterday. Natural gas has remained elevated from its jump two weeks ago, closing yesterday at $3.25 per mcf.
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