Here is one of the reasons oil is going higher.
Look at the drawdowns over the last 6 weeks. Big numbers.
https://www.investing.com/economic-calendar/eia-crude-oil-inventories-75
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So the biggest issue is that they aren't drawing enough oil? If I read the data correctly.
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That is inventory drawdowns. So the demand is exceeding supply and eating into inventories. That is extremely bullish for price which we have seen.
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