The EIA reported Total Crude Oil Inventories decreased by 4.5 million barrels to 514.1 million barrels for the week ending August 7, 2020, while the expectations average was for a 2.9 million-barrel draw. The stocks report was bullish to crude oil prices as the draw was greater than expectations, three weeks in a row. With domestic crude production dropping and the decrease in crude stocks, there is now new belief that the market is tightening. Crude oil prices rallied through the trading day and now have “filled the gap” in prices that occurred in mid-March which is often viewed as a bullish signal. Total ... (full story)