NYMEX Crude Oil 60-min Intra-day Price Profile
EIA gasoline data were interpreted as bullish given the larger than expected inventory draw and the relatively large increase in demand. As a result, RBOB lead the crude complex higher, even though crude oil and distillate EIA data were not supportive; although, refinery rates were considerably higher. Crude oil has been moving in lock-step with equities; and higher on selective bullish fundamental news, while discounting neutral/bearish near-term supply/demand data. This author believes prices are moving disproportionately at the whim of speculators. On an hourly basis, WTI continues to be overbought.
EIA gasoline data were interpreted as bullish given the larger than expected inventory draw and the relatively large increase in demand. As a result, RBOB lead the crude complex higher, even though crude oil and distillate EIA data were not supportive; although, refinery rates were considerably higher. Crude oil has been moving in lock-step with equities; and higher on selective bullish fundamental news, while discounting neutral/bearish near-term supply/demand data. This author believes prices are moving disproportionately at the whim of speculators. On an hourly basis, WTI continues to be overbought.
Stocks mmbblsCrude: 337.5 (+3.0)
- Cushing: 29.9 (-0.7)
Gasoline: 231.2 (-0.9)
Distillates: 152.7 (-0.6)
Total Products: 709.4 (-1.6)
Supplied mmbbls/d
Gasoline: 9.1 (+0.5)
Distillates: 3.7 (-0.1)
Total Products: 19.3 (+0.2)
Refinery Utilization: 81.17% (+1.42)
Source: U.S. Energy Information Administration