Oil Futures Lead The Way Higher Yesterday

Oil futures lead the way higher yesterday posting a $2/bbl gain on the day after the Department of Energy’s weekly inventory report confirmed a ~5 million barrel draw in national crude oil stockpiles. Gasoline and diesel, showing to have built inventory levels last week, pulled back slightly from earlier highs and ended the day with gains of about 3.5 cents, or $1.5/bbl.
Eyes now turn to Vienna where OPEC and friends are expected to announce a continuation of current supply cuts, scheduled to expire this March, if not dial back production even more. It seems the deal hinges on Russia’s agreement, who has yet to indicate one way or another ahead of the meeting. It seems futures are in wait-and-see mode, coming off slightly after overnight buying looked to continue yesterday’s rally.
The EIA published an interesting note yesterday showing as of September, the US is a net exporter for total petroleum products for the first time in the Agency’s history. The article highlights increased domestic crude oil production (leading to decreased imports) and crude oil exports (which have set a new seasonal high almost every week this year) as the main drivers for the paradigm shift.
Click here to download a PDF of today's TACenergy Market Talk.
Latest Posts
Storm Risks, Fed Signals, And Refinery Issues Drive Outlook Lower
Mixed Bag For Energy Futures Thursday
Diesel Futures Leading Energy Complex Higher Testing End Of Summer Trading Ranges
Week 33 - US DOE Inventory Recap
Latest Attempt At Diplomacy Unlikely To Make Major Impact On Petroleum Markets
Energy Markets Continue To Struggle For Direction With Mixed Action In Futures
Social Media
News & Views
View All
Storm Risks, Fed Signals, And Refinery Issues Drive Outlook Lower

Mixed Bag For Energy Futures Thursday
