Oil inventories see a build of 1.3 million barrels
Gasoline inventories build 5x expectations with 5.2 million barrels in storage
Distalites see a build of 2.5 million barrels
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How do you interpret this? Does this imply slowdown?
Like anything, it has to do with whether it was above or below expectations.
Overall we’re seeing increased supply and less demand. But like most areas in the market, especially energy, these things can stay out of whack and not make sense for a very very long time. Crude could easily rally on the news, like it has been doing for the last few months.
Chris,
it certainly shows some slowdown results, but may be an attempt by industry and government levers to counteract inflationary effects of printing $.
Plus you have seasonal factors act work. Warm weather leads to higher distalites and oil inventory as consumption is weak.
Thanks very much.