Crude inventories were estimated to fall by about 2.5 mmbls., so the draw of almost 6 mmbls. is definitely supportive of prices – but likely not the focus of traders for too long. Distillates and gasoline are within a penny of unchanged as traders
Crude Inventories rose 5.78 mmbls., Distillate inventories fell .98 mmbls., Gasoline inventories fell 1.88 mmbls. Huge jump in CL inventories is catching the market by surprise and (at least temporarily) taking crude away from its most recent highs. The size of the draw was less
Oil prices have risen on the back of U.S. sanctions on Iran, but short-term glut in the physical market is softening the blow – for now. The market, however, is starting to price a more dire situation by year-end. Oil refiners have plenty of crude at
The size of the crude build caught traders off guard, but was then tempered as most of the build was on the West Coast, bringing prices back to unchanged on the session, but still within shouting distance of $70/bbl. Distillate demand is having its “strongest seasonality”
D.O.E. Report: CL stocks up 2.17 mmbls., Distillate stocks down 2.61 mmbls., Gasoline stocks up .84 mmbls., Refinery utilization down 1.6% to 90.8%. Crude exports were at a new high last week, but the inventory report came in around what was estimated – so we the
