Oil prices are down this morning, following a slightly bearish API report yesterday. Crude rallied during yesterday’s session, closing the day $1.36 higher. This morning, oil prices are retracing its gains, losing 74 cents to trade at $67.47 currently.
Fuel prices are mixed this morning. Both products made steady gains Wednesday, with gasoline closing 3.45 cents higher and diesel 4.38 cents higher. This morning, diesel has lost some steam following a bearish API report. Prices are down 1.18 cents, trading at $2.2199. Gasoline has managed to hold on to yesterday’s momentum supported by constructive API data to trade at $2.1876, up 34 points.
Due to the Memorial Day holiday, the API released their weekly inventory data yesterday rather than Tuesday this week. The report showed a build in crude oil and diesel and a decline in gasoline. While crude and gasoline were mostly in line with market expectations, diesel posted a surprise build of 1.5 MMbbls vs. a 1.3MMbbls draw expected by the market. The market is anticipating the EIA report later this morning to confirm these estimates.