Crude: 327.3 (+1.3 vs. -0.5 expected)- Cushing: 35.7 (+1.2)
Gasoline: 219.7 (+3.7 vs. +0.5 expected)
Distillates: 159.0 (-0.2 vs. -1.9 expected)
Gasoline: 219.7 (+3.7 vs. +0.5 expected)
Distillates: 159.0 (-0.2 vs. -1.9 expected)
Source: U.S. Energy Information Administration; CME Group
A decidely bearish EIA report overall: stocks higher than estimated; demand levels marginally lower; and refinery throughputs lower. However, crude oil bulls were having nothing to do with these bearish data - pushing the entire curve up strongly. The front contract rallied over $2 following the initial response to the release (see highlighted pricing action of 5 minute chart above). This move was not supported by product prices, resulting in crack spreads narrowing, nor was it supported by equities (up marginally) or the USD (down marginally). Technicals suggest that crude oil is exceptionally overbought.
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OPEC spells out stocks build from quota leakage
LONDON (Reuters) - The Organization of the Petroleum Exporting Countries may be facing large rises in oil inventories in the next six months unless members step up their compliance with agreed output targets.
LONDON (Reuters) - The Organization of the Petroleum Exporting Countries may be facing large rises in oil inventories in the next six months unless members step up their compliance with agreed output targets.