Enterprise Products Partners LP (EPD)

[Kgem]

US crude, gasoline and distillate stockpiles all declined last week, according to the Energy Information Administration, adding to a tightening supply outlook. Motor fuel inventories tumbled by 4.73 million barrels to the lowest level since November 2014.

“All the developments we have seen on the supply side at this point very much sets the stage for what we believe will be higher prices into the end of this year,” Damien Courvalin, the head of energy research at Goldman Sachs, said in a Bloomberg television interview. “With this cut and the winter seasonal demand, inventories will continue to fall.”

Data suggests oil will climb to $100 per barrel sooner than had been expected.


Source: EnergyNow.com