It was a brutal second half of last week in crude oil markets, as a stunning drop in oil inventories as reported by the EIA was greeted with a just as surprising swift decline in prices. Typically, a decline in inventories could be bullish for price. But last week, the reverse happened witha sharp move of conviction lower. Last week, oil supplies in the United States fell more in one week than they have in nearly two years. The last time there was a double digit decrease in stockpiles was September 9th, 2016. In September of 2016, a 14 million barrel draw pushed markets higher by 4%. Last week, the draw of 12 million ... (full story)