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.

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.

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