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EIA Report Helpful To Those Looking For Oil Price Increases

Apr. 22 2015, 11:13 AM ET - by VF member bz1516 (2444 gold star (click for information on feedback))

EIA report helpful to those looking for oil price increases ...........

Today’s data from the EIA offered more hope for those looking for increased oil prices. Production for the latest week at 9.366mm bbls continued to show a levelling off or even a slight decline over the past several weeks. Production has had periods like this before, but when backed by decreased drilling and completions, it may be time for investors to no longer count on declining prices, even though that scenario is still a real possibility.

Cushing has had two weeks of slow filling in a row, up only 700,000 bbls this week and a total of 2mm bbls in the last two weeks. Total crude stocks were up over 5mm bbls to 489mm. Cushing’s slowdown in the rate of filling further strengthens the case for oil price stability.

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EIA Report Helpful To Those Looking For Oil Price Increases