Oil And Diesel Futures Continue To Hold 4-Year Highs
Oil and diesel futures continue to hold near 4-year highs this morning after a choppy but aimless Tuesday session. The sideways action is common following a strong move like we’ve seen in the past few weeks as traders reassess their positions and begin to debate the next big move.
The API was said to report a build in crude oil inventories of around 900,000 barrels, while refined products drew about 1.7 million barrels for gasoline and 1.2 million barrels for distillates. The EIA’s weekly report is due out at its normal time this morning, with refinery inputs a key number to watch as we’ve seen sharp declines the past two weeks as a busy fall maintenance season ramps up.
The National Hurricane center is still giving a low (30%) probability that the disturbance in the Caribbean could develop into a serious storm. Even with the low odds, this bears watching through the weekend as the risks to energy infrastructure will go up quickly if it makes a move into the Gulf of Mexico.
A more interesting read than today’s market headlines? Bloomberg’s note on the drop in Kuwaiti oil shipments to the US.
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Markets Shrug Off Hormuz Shock As Bears Take Control
Oil’s Modest Rebound Meets Rising Uncertainty In The Middle East