Today’s Market Trend
The energy complex is trading lower this morning. Crude lost over a dollar yesterday despite constructive EIA data reporting a larger than expected draw in crude inventories. Crude prices are continuing to trade lower this morning, down another 52 cents at $66.52.
Fuel prices are also falling this morning following inventory builds reported by the EIA. Diesel prices are currently trading at $2.1896, down nearly 1.5 cents since yesterday. Gasoline prices are $2.1535 currently, a loss of 70 points.
EIA Data
The EIA reported their weekly inventory data yesterday morning. Crude inventories saw a larger than expected draw, contradicting the API estimate which reported a small increase. Product stocks both rose, causing prices to fall lower. Gasoline stocks were the most surprising to the market, rising by 0.5 MMbbls vs. the API report and market expectations which showed a 1.7 MMbbls and 1.4 MMbbls draw respectively.
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