Oil Inventories Are Falling Despite Rising Oil Production

With the whole of Wall Street seemingly obsessed about rising oil production in the US, and what it will mean for the global oil markets, in may be a surprise that US oil inventories saw a greater than seasonally expected withdrawal once again this week. According to the EIA, oil inventories fell by 5.2mmbbl this week compared to the average build over the 2010 to 2014 period of 2.1mmbbl. A report from Deutsche Bank’s commodities analysts Michael Hsueh and Grant Sporre published yesterday, tries to discover what’s behind this larger than expected draw and see if it’s something investors should…