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QP - US crude oil inventories tally first decline in 4 weeks - April 22, 2019
WTI relatively flat during a short, quiet week
The WTI front-month contract rose 11 cents, less than 1%, last week to settle at $64.00/bbl on Thursday before markets closed for Good Friday. A surprise decline in US crude oil inventories provided price support. On Monday, April 15, WTI fell 49 cents to $63.40/bbl. The US Energy Information Administration’s monthly drilling productivity report was released, predicting an 80,000 bo/d monthly increase in oil production from the seven major US shale plays to a total of 8.46 MMbo/d in May. Data showed that......
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