The U.S. Energy Information Administration (EIA) released its report yesterday. According to the report, refineries operated at 90.9% of their operable capacity last week and averaged inputs of over 16.1 million bpd, which is 279,000 bpd less than the previous week. U.S. crude inventories increased by 2.6 million barrels, gasoline inventories increase by 0.4 million barrels and distillate inventories increased by 1.0 million barrels.
The International Energy Agency (IEA) also released one of its more bullish monthly reports yesterday in which it said that OPEC crude supply fell 220,000 bpd to 31.57 million bpd and forecasted that non-OPEC production will drop by almost 500,000 bpd in 2016, the largest drop in more than 20 years.
Alternatively, Goldman Sachs released a bearish report stating that the global surplus is greater than they had originally expected and predicted that prices may drop to as low as $20.00 per barrel. Goldman also lowered its forecast for WTI in 2016 to $45.00 from its May projection of $57.00.