Crude Inventories Show Draw Down
The weekly inventory statistics from the Department of Energy are pushing the entire energy complex higher after data showed further draw downs. Crude inventories fell by 846,000 barrels compared to an expected build of over 2 mln barrels.
Crude prices are up by over a dollar to $64/bl following the release. The upward pressure on prices, however, remains dominated by the heightened tensions over the Iranian capture of 15 British soldiers.
Currently, crude inventories of 328.4 mln barrels are above the upper end of the average historical range for this time of year. Still, tight gas stocks and geopolitical tensions will remain the two main drivers of the market.
Gasoline inventories fell less than expected, putting downward pressure on futures. Gasoline futures are currently trading at $2.09/gallon, down from $2.11 before the release. The weekly decline was 0.12% or 258,000 barrels versus expectations of a 2 mln barrel draw. This was the seventh consecutive week of declining gas stocks. Refinery utilization averaged 87% of total capacity caused by normal seasonal downtime.
Today, AAA announced the daily national unleaded average gasoline price rose to $2.60 per gallon, up 10 cents from the prior month. Distillate inventories declined by 700,000 barrels vs. consensus estimates of 1.5 mln barrels.
--Kimberly DuBord, Briefing.com
Crude prices are up by over a dollar to $64/bl following the release. The upward pressure on prices, however, remains dominated by the heightened tensions over the Iranian capture of 15 British soldiers.
Currently, crude inventories of 328.4 mln barrels are above the upper end of the average historical range for this time of year. Still, tight gas stocks and geopolitical tensions will remain the two main drivers of the market.
Gasoline inventories fell less than expected, putting downward pressure on futures. Gasoline futures are currently trading at $2.09/gallon, down from $2.11 before the release. The weekly decline was 0.12% or 258,000 barrels versus expectations of a 2 mln barrel draw. This was the seventh consecutive week of declining gas stocks. Refinery utilization averaged 87% of total capacity caused by normal seasonal downtime.
Today, AAA announced the daily national unleaded average gasoline price rose to $2.60 per gallon, up 10 cents from the prior month. Distillate inventories declined by 700,000 barrels vs. consensus estimates of 1.5 mln barrels.
--Kimberly DuBord, Briefing.com
Labels: Crude Inventories, Crude Oil
posted by Stock Administrator @ 11:45 AM
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