Unexpected Drop in US Oil Supplies

I never understand how analysts can be so far off. My feeling is that the coffee klatsch folks at Williston's EonocMart could do as well.

Analysts forecast a drop in last weeks' US oil supply of about 730,000 barrels.

The actual numbers ... drum roll ... 7.3 million barrels. The US supply of crude oil dropped 7.3 million barrels last week. A later report showed a drop of 1.9 million barrels, so the two reports are a bit confusing. Be that as it may, crude supplies, at a 30-year high in relation to demand, are dropping (a bit).

Hmmm....let's see: a) moratorium in the gulf continues; b) oil price down in the Bakken; c) global economy slowly recovering.

Supply data for this week to be reported later today, a day later than usual. 

Futures for price of crude oil: up slightly.