That build (in gasoline) is very mysterious, driven by another big drop in demand.
That's pretty close to a capacity pace in imports. It looks like the Saudis are more than offsetting the Iraqi loss,
That's pretty close to a capacity pace in imports. It looks like the Saudis are more than offsetting the Iraqi loss.
The big thing was that products stocks were up at expense of crude. The good news is we're building products supplies; the bad news is crude supplies are back down toward historic low levels.
The biggest surprise was the increase in distillate stocks,
The biggest surprise was the increase in distillate stocks.
The fundamentals across most of the complex are so bearish that on any given day you're either going to need to a lead from gasoline or some bullish geopolitical headlines to give this market a rally. Otherwise it's just going to sink.
The fundamentals across most of the complex are so bearish that on any given day you're either going to need to a lead from petrol or some bullish geopolitical headlines to give this market a rally. Otherwise it's just going to sink.
The funds are back in the market, showing a strong commitment on long positions for crude.
The funds are really scrambling to build a larger position in the long gasoline crack spreads.
The gasoline draw is a bullish number, without doubt. The decline was much bigger than the 1.1 million barrels draw the Street was anticipating,
The gasoline draw is a bullish number, without doubt. The decline was much bigger than the 1.1 million barrels draw the Street was anticipating.
The gasoline figure was the important number, the decline was much larger than expected.
The main feature was the big gasoline drop again. That's going to support the entire complex.
The numbers didn't do much to slow the rally down,
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