The Energy Information Administration reported a crude oil inventory build of 3.7 million barrels for the week to February 15, versus an increase of 3.6 million barrels in the previous week, pushing prices lower. Brent crude and West Texas Intermediate have been trending higher today as news reports strengthen hopes the OPEC cuts will do their job and boost prices. The latest here was a visit by a special Saudi Arabian envoy to Nigeria, which had been straying from the production cut path, instead increasing its crude oil production. After the visit, however, Nigeria’s president pledged a production cut. New production data from the EIA failed to reverse the optimism: the authority forecast that shale oil production will hit a record 8.4 million bpd largely on the back of strong production growth in the Permian. Production in the Permian is set to rise above 4 million bpd for the […]