Is The EIA Exaggerating U.S. Oil Production?

Oil is back at $50 per barrel, restoring some semblance of
confidence in the market. But that is just about as much as we can
expect in terms of a rally, according to most analysts, with
momentum likely to dissipate from here. But not everyone agrees.
Many are worried that oil prices will crash again next year as OPEC
scrambles for an exit strategy, but there is actually a bullish
case for oil that is not outlandish. First, crude oil inventories
continue to fall. The EIA just released another week’s worth of
data, showing another drawdown…

Oil is back at $50 per barrel, restoring some semblance of
confidence in the market. But that is just about as much as we can
expect in terms of a rally, according to most analysts, with
momentum likely to dissipate from here. But not everyone agrees.
Many are worried that oil prices will crash again next year as OPEC
scrambles for an exit strategy, but there is actually a bullish
case for oil that is not outlandish. First, crude oil inventories
continue to fall. The EIA just released another week’s worth of
data, showing another drawdown…