Markets Recover from Very Large Product Builds

Crude is recovering from yesterday’s losses with modest gains in early trading Thursday morning.  WTI Crude is trading up this morning at $58.17, a gain of 36 cents.

Fuel is mixed but relatively flat in early trading this morning.  Diesel is trading at $1.8667, a loss of 1.1 cents.  Gasoline is trading at $1.6413, a gain of 0.5 cents.

On Wednesday, crude prices fell after the EIA reported a near 15 MMbbls total product build, rising to a four-month high and highlighting weak demand.  This fall was despite in the phase one trade deal, China agreeing to $50 billion of additional energy purchases over the next two years.

The EIA reported a larger -than-expected draw for crude of 2.5 MMbbls, versus an expected draw of 0.5 MMbbls.  At Cushing, the EIA reported a 0.3 MMbbls draw.  For the Market, the draws could not outweigh the very large builds in products.  The EIA reported distillates had a larger-than-expected build and gasoline also saw a larger-than-expected build.  These builds initially set off a sell-off, but by this morning, markets have recovered somewhat.

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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