Prices Fall after EIA Report
Prices are lower this morning, following a bearish EIA report yesterday. Crude closed the day mostly flat Wednesday gaining a mere 44 cents. However, prices experienced a $1.22 trading range throughout the session before ending just slightly higher. This morning, crude is moving lower, trading at $67.49, down 44 cents since yesterday.
After mixed trading results yesterday, both refined fuel products are trending lower this morning. Gasoline was set back by EIA reports of gasoline inventory builds, while the continuous downward pressure on diesel stocks sent prices over 2 cents higher. This morning, diesel prices have not been able to hold on to their upward momentum, with prices down 1.21 cents at $2.1094. Gasoline prices continued their downfall, losing an additional 2 cents to trade at $2.0604.
EIA Data
The EIA reported their weekly inventory data yesterday morning. Crude inventories built even more than the API estimated. Gasoline stocks also rose, causing prices to fall even lower. Diesel inventories continued their descent, giving prices a boost yesterday.
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