Tim Evans Crude Quotations

The OPEC demand revision is more of a reminder than anything else. Between the high level of crude stocks and the downward revisions to demand, the price should have trouble climbing like it has done this week.

It is pretty clear they were attempting to move this oil into a crude oil market where there was already a surplus.

Crude oil may have been able to trigger short covering off the surprise 1.3 million-barrel draw from last week, but inventories are still at their second-highest weekly total since April 1999.

Despite the surprise 1.3 million-barrel drop in DOE crude stocks for last week, inventories in the market remain near April 1999 highs.

I'm surprised by the drop in crude stocks and the further decline in crude oil imports,

I'm not sure this is the start of a new trend in crude oil stocks and it probably reflects more of a desire on the part of refiners to limit the material they hold than it does a lack of supply,