Imports are the Key to Lower Crude Oil Stocks

U.S. crude oil stocks surged to a record high in March of 2016, led by an increase in imports, which surged approximately 7% during the first half of 2016.  The trajectory of recent declines has been impressive, which could be an unwind of the surge seen earlier this year.  Prices have been buoyed and remain well above both the 50-day and 200-day moving averages which show that an uptrend is in place.

Acc…