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All eyes are on the EIA numbers this morning which is expected to show another build in US fuel stockpiles. That being said, I will be looking in the opposite direction to see if there is another draw in crude oil inventories. Crude oil futures continue to trade down 57 cents at $55.07/bbl. OPEC has yet to follow through on their production cuts since December's oil output totaled 26.945 million b/d, which represents no change from November production levels. So, if there continues to be a draw down in crude inventories, who is doing it? In October, OPEC agreed to reduce oil output by 1.2 million b/d from Nov.1 and another 0.5 million b/d from February 1st. So far, nothing has been done.

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