• Supply
  • Social Media
VisitTAC - The Arnold Companies
Customer LOGIN

Decline In US Oil Inventory Reported Yesterday By The Department Of Energy

Thursday, Dec 23 2021
Market Talk

The larger than expected decline in US oil inventory reported yesterday by the Department of Energy is taking credit for yesterday’s rally. National stockpiles fell by 4.7 million barrels last week, which follows the seasonal trend of moderate declines going into the holidays, however this marks the 7th consecutive week inventory levels have been below the 5-year low. The crude oil headline number seemed to overshadow the 5.5 million barrel build in gasoline stocks, which was larger than estimates but also expected this time of year. Diesel stocks added a modest 205 thousand barrels.

The two-pronged dose of positive news surrounding the Omicron variant surely didn’t hamper yesterday’s rally. Research showing the latest novel variant to have less severe symptoms (albeit much more contagious than previous iterations) has experts hopeful this may hasten the diseases progression from pandemic to endemic. The S&P 500 was up ~1% on the news.

Prompt month American natural gas futures are down nearly 5% this morning while European prices hit record highs as cold weather rolls in and Russian supply cut out. No end in sight: the latest public discourse has Putin denying the mass movement of Russian troops along the Ukrainian border while pointing the finger at the US and NATO for escalating tensions in the region.

Heating oil futures are the closest of the ‘big three’ energy contracts to completely retrace the losses suffered on Black Friday. If the $2.36 level can be reached, technicals leave the door open to a run at the $2.50 level in short order. Gasoline futures have about twice the distance to cover (about 13 cents) before it accomplishes the same feat.

Click here to download a PDF of today's TACenergy Market Talk, including all charts from the Weekly DOE Report.

News & ViewsMarket Talk

News & Views
Latest Posts

KTBS 3 Spotlight on TACenergy Leadership COO Fred Sloan - Sharing Thoughts on Changes in the Gas Market
Go Rentals Opens 10 New Locations with Partner, TAC Air
Tac Air's new facility features B17-G model airplane, Military Situation Room
TAC Air B-17G Model Brings Nostalgia and Tears

News & Views

Market Talk
Latest Posts

Market Talk

TACenergy logo
Sales:  800-375-FUELSupply & Logistics:  800-808-6500

Get in Touch

Sign up to receive market talk updates in your inbox each day.
Establish a credit account.
Apply For Credit
Need to make a fuel order today?

Follow us

  • Supply
  • News & Views
  • Market Talk Updates
  • Social Media
  • Contact a Representative
  • Customer Login
  • Apply For Credit
Find Your Next Great Role With TACenergy.
Explore Careers
  • Privacy Policy
  • Terms of Use
  • Employee Login
  • Sitemap
TACenergy, LLC © 2022. All Rights Reserved.