Energy Complex Mixed Today
The energy complex is mixed today following the American Petroleum Institute’s inventory report published around 4pm CDT yesterday. By their estimates total crude oil stocks rose 1.25 million barrels through the week ending 9/14 while levels at Cushing (the delivery point for the crude oil futures contract) dropped just over 1 ½ million barrels. The offsetting move has crude prices flat so far this morning.
Gasoline stocks fell and diesel stocks built by about 1.5 million barrels each and their respective futures prices reflect as such, leaving the screen a patchwork of red and green to start the day. The Energy Information Administration’s version of the inventory report is due out at 9:30 CDT this morning.
A new tropical disturbance has popped up overnight, located about 1,000 miles east of the Windward Isles off the coast of Venezuela. It’s too early to tell if this new tropical wave could pose a threat to the US but the National Hurricane Center gives it a 20% chance of cyclonic development in the next 48 hours. Otherwise, all things seem quiet on the Atlantic front for now.
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Diesel Futures Slide After 4-Month High As Energy Markets Follow Europe Lower
Refined Products Rally As “Buy the Dip” Sentiment Drives Prices To Multi-Month Highs