The EIA reported a larger-than-expected build in crude stocks. This bearish news may be outweighed by the first draw at Cushing in seven weeks. WTI Crude is trading at $56.93 a gain of 16 cents.
Fuel is flat this morning. Diesel is trading at $1.9194, a fractional gain. Gasoline is trading at $1.6229, also a fractional gain.
Crude prices are relatively unchanged as markets weigh supply concerns for next year versus positive sentiment regarding a trade deal with China. After Wednesday’s late API report with bullish inventory news, markets rose, but the EIA numbers were bearish causing markets to fall. The market is relatively flat in early trading on Friday.
The EIA reported a larger-than-expected build of 2.2 MMbbls versus an expected build of 1.6 MMbbls. At Cushing, stocks fell for the first time in seven weeks with a draw of 1.3 MMbbls. Distillates experienced a larger-than expected draw and gasoline experienced a surprise build vs. an expected draw.