Author: Scott A Croom

Market Report & Analysis for 4/20/2018 Afternoon Edition

Afternoon Market Overview This week’s EIA report was overall bullish based on total combined crude oil and refined product inventories decreasing for the week. Total combined stocks are now 178.9 million bbls below the record high hit at the end of the first week of February of 2017. The EIA reported a draw in crude oil and gasoline and in distillate fuel stocks. Total US crude oil production increased after increasing during the previous week. Total US production is well above the average annual high hit in 1970 and above the average monthly record high hit in October of...

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Market Report & Analysis for 4/20/2018 Morning Edition

Morning Market Overview Oil prices surged higher once again after an overall bullish weekly oil inventory snapshot issued by the EIA Wednesday. Total combined stocks of crude oil and refined products not only declined strongly but are now modestly below the five-year average for the same week. In the largest consuming (and producing) country in the world the OPEC (and non-OPEC partners) objective of returning oil inventories back to the five-year average is accomplished at least for the time being. From a short and medium term fundamental viewpoint, the market is bullish with the likelihood that priced could move...

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Market Report & Analysis for 4/18/2018 Afternoon Edition

Afternoon Market Overview The API started the weekly inventory report cycle with an expected draw in crude oil stocks, a larger than expected draw in gasoline inventories while distillate fuel inventories declined more than the expectations. Total combined inventories of crude oil and products were modestly lower on the week. Overall the market added gains in crude oil and gasoline while reducing some of the intraday losses for ULSD after the report was issued. The API reported US crude oil stocks decreased by 1 million barrels on the week. Cushing crude oil stocks increased by 1 million barrels. They...

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Market Report & Analysis for 4/19/2018 Morning Edition

Morning Market Overview The complex is strongly higher to start this morning on support from the API inventory report. The API started the weekly inventory report cycle with an expected draw in crude oil stocks, a larger than expected draw in gasoline inventories while distillate fuel inventories declined more than the expectations. Crude oil prices were able to move into positive territory ahead of the start of the weekly inventory report cycle Tuesday. Refined products remained in negative territory with ULSD the largest decliner of the day. Inventories are expected to be slightly positive, but the externals played a...

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Market Report & Analysis for 4/18/2018 Afternoon Edition

Afternoon Market Overview This week the EIA & API inventory data will be released on their regular schedule. The API report will be issued late Tuesday afternoon with the EIA inventory report scheduled for release on Wednesday at 10:30 AM. Crude oil stocks likely decreased even as refiner demand for crude oil decreased slightly while refined product inventories are projected to decline in this week’s report. We are expecting a draw in US crude oil inventories, a draw in distillate fuel stocks and in gasoline inventories as refinery runs likely decreased. We are expecting total combined crude and refined...

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