Bullish Supply and Trade News Offset by Inventories

Rising crude stocks are putting downward pressure on prices this morning.  WTI Crude is trading at $52.95, a loss of 41 cents.

Fuel is down this morning.  Diesel is trading at $1.9296, a loss of 1.3 cents.  Gasoline is trading at $1.6069, a loss of 1.8 cents.

On Wednesday, crude prices rose on news from OPEC+ that they would continue to cut supply at their December meeting.  In addition, optimism about a partial trade deal helped to lift markets after China announced it hoped to reach a phase one trade agreement with the US as soon as possible.  However, the crude market is down in early trading on Thursday based upon a larger-than-expected build reported by the API.

The API’s data last night:

The API reported a larger-than-expected build for crude of 10.5 MMbbls versus an expected build of 2.9 MMbbls.  At Cushing, stocks rose for the fourth week in a row with a build of 1.7 MMbbls.  News of the crude build seems to be moving markets lower this morning.  Gasoline and diesel had draws in line with expectations as reported by the API.  The EIA report coming out later this morning will likely set the trading tone for the remainder of the week.

In bullish news from Europe, crude inventories drew almost 4 MMbbls last week.  In addition, optimism for a Brexit deal reappeared as officials prepared to enter final discussions over the next two days.

Market Condition Report - Disclaimer
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

Sign up for FUELSNews for daily market information and insights
Sign Me Up
Give Us a Call Today

We are happy to discuss your business challenges over the phone and answer any questions.


Send Us an Email

Ask your toughest questions. We'll get back to you with the best answer humanly possible.

Send Email

Find a Mansfield Location

Need to contact a specfic office? View contact information for offices across the country.

View Locations

Get a Quote Today

Let us know what type of fuel or service you need and a team member will get a quote to you quickly.

Get a Quote