La Croix Energy Capital | Petroleum Derivative Trading

“Think like a fundamentalist; trade like a chartist.”
Dennis Gartman. Rule #8 - Gartman’s Simple Rules of Trading

Wednesday, February 17, 2010

API Stocks 12-Feb-10

mmbbls
Crude: -0.1 (vs. +2.2 fcst)
Gasoline: +1.4 (vs. fcst +1.5)
Distillates: +1.3 (vs. fcst -1.5)

NEW YORK Feb. 17 (Reuters) "The API data showed crude imports were down a lot and crude runs were up, resulting in a crude stock drawdown," said Phil Flynn, analyst at PFGBest Research in Chicago.

"Distillates stocks .... were up instead of down as many had expected, and that may have been due to temperatures not really being cold enough to raise demand. It looked like the expectation of higher oil demand was overplayed," he added.

Earlier, crude futures ended higher for the second day in a row, helped by positive economic data, but gains were limited by caution ahead of weekly inventory reports. Trading was choppy and front-month crude ended well off the day's high as traders saw the dollar bounce on improved data on U.S. housing and industrial output.