Crude Stock Draw Pushes Prices Higher
Crude oil has been trading flat this morning following a strong rally yesterday. Prices began yesterday with some early morning losses, but picked up over a dollar following the release of the EIA’s weekly data. Today crude prices are $67.86, the same price it closed at yesterday.
Fuel prices are mixed as the market catches its breath. Diesel prices picked up over 4 cents yesterday while gasoline rose more than 4.5 cents. This morning, diesel is trading at $2.1701, a meager gain of 0.2 cents. Gasoline is trading at $2.0538, down 1.4 cents since yesterday’s close.
The EIA’s weekly data showed a much larger than expected crude inventory draw, which helped prop up prices. Crude stocks fell 5.8 million barrels, compared to a 1.5 million barrel draw expectation. Of course, both gasoline and diesel stocks saw moderate gains, tempering the rally a bit. Last week’s build was driven by a large increase in imports, but imports fell back to normal levels this week.
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