Crude Vaults to Yearly High as Saudi Shipments to U.S. Dwindle - Bloomberg

Crude Vaults to Yearly High as Saudi Shipments to U.S. Dwindle - Bloomberg:

Oil prices vaulted above $54 a barrel, the highest since November, as a steep drop in U.S. imports from Saudi Arabia showed OPEC putting its supply cut plans into action.

Futures in New York rose 1.7 percent after the U.S. Energy Information Administration said domestic crude stockpiles rose by about 920,000 barrels last week, less than forecast by industry and private analysts. Imports from Saudi Arabia fell by more than half from the previous week to 442,000 barrels a day, the second-lowest in data going back to 2010.

“There’s a lot of good in here, if you’re a market bull,” said Rob Thummel, managing director at Tortoise, a Kansas-based money manager with $16 billion in energy investments. “OPEC’s made it very clear: lower exports of oil are coming to the U.S.”