Some further colour to the inventory report
The EIA have noted that oil imports hit the highest since Sep 2012. They rose 13% to 9.37m last week.
It’s not an easy one to fathom for the direction of prices. On one hand, higher imports could mean less use of US oil, so supply builds (bearish), while on the other hand, increased imports point to higher demand and therefore use of oil which could also transpose into overall demand for oil in general (bullish).