The price of crude oil rises up with approximately 2,3 % this morning 9 September 2016 after the Energy Information Agency’s weekly report. The report showed United States crude inventories decreased to over 14 million barrels from last week. It’s a largest recorded, single week draw since 1999. The inventories held by the Oklahoma Cushing and fell to 434 thousand barrels. In meanwhile, the gas inventories also fell by over 4 million barrels. This information comes from a day after the API reported a 12 million-barrel draw from crude inventories.
This drop may move prices as directly huge impacts to the current status of United States oil supply which represents one of the largest suppliers also consumers. But some experts from Money Morning (you can read about it at moneymorning.com/tag/oil-prices/) are pointing out that this big drop in holdings can be a temporary act to the inclement weather from Tropical Storm and Hurricane Hermine diverting the shipments.