27 November 2024: 16:30 GMT
EIA inventories showed a 1.844 mil bbls draw in the week ending November 22, nothing right? Compared to a year ago inventories are down a massive 21.22 mil bbls, and the tanks at Cushing are looking particularly dry… one to keep an eye on. But the market yawns. The draw in crude was seemingly driven by a drop in imports, which fell by 1.886 mil bbls. Gasoline inventories increased by 3.314 mil bbls, but on a year-on-year basis, gasoline inventories are almost 6 mil bbls lower. In fact, national gasoline stocks remain close to the bottom of their 5-year range. RBOB futures flat price fell by almost 2c/bbl immediately after the release, pretty minor really. Other than that, the market said “I don’t care.”
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