MAIN TAKEAWAY
According to the weekly data of the Energy Information Administration (EIA), US oil demand remains robust with 1.36 mb/d above last year for the same period (See Figure (10).
It also reported a large decrease in crude oil inventories. We are only 24 mb away from a critical point with inventories going below 400 mb.
The government added 0.6 mb of sour crude to the SPR last week.
The adjustment remains low.