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The IEA reported that global oil supply fell by 1.4 million barrels per day in January, led by OPEC's Vienna production cut. OPEC crude output dropped 930,000 b/d to a near four-year low, and OPEC compliance was 86 percent.
Non-OPEC compliance was only 25 percent.
A sharp supply drop in a weak-demand year supports crude prices, which feed into energy costs for drying, transport and biofuel margins.
aa.com.trFeb 13, 2019After 116 past bullish report events, Crude Oil (Brent) moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% over 20.
After 131 past bullish report events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
