US Gasoline Inventories Soar; Crude Oil Has A Substantial Draw -- But It Must Be The Gasoline Inventories That Drove A 2% Drop In The Price Of WTI -- September 6, 2018 - Hallo friendsMY LIVE MY WAY, In the article you read this time with the title US Gasoline Inventories Soar; Crude Oil Has A Substantial Draw -- But It Must Be The Gasoline Inventories That Drove A 2% Drop In The Price Of WTI -- September 6, 2018, We have prepared this article for you to read and retrieve information therein. Hopefully the contents of postings Article my style, Article my way, Article New ways, Article their way, We write this you can understand. Alright, good read.

Title : US Gasoline Inventories Soar; Crude Oil Has A Substantial Draw -- But It Must Be The Gasoline Inventories That Drove A 2% Drop In The Price Of WTI -- September 6, 2018
link : US Gasoline Inventories Soar; Crude Oil Has A Substantial Draw -- But It Must Be The Gasoline Inventories That Drove A 2% Drop In The Price Of WTI -- September 6, 2018

US Gasoline Inventories Soar; Crude Oil Has A Substantial Draw -- But It Must Be The Gasoline Inventories That Drove A 2% Drop In The Price Of WTI -- September 6, 2018

This is certainly weird and proves the rule: predicting the price of oil is a fool's errand.

WTI falls 2% even thought the EIA reports a substantial crude oil draw.

• US crude oil inventory draw of 4.3 million bbls; inventories now stand at 401.5 million bbls; my threshold = 400 million bbls; we're practically there
• refineries operating at only 96.6% capacity
• gasoline production decreased a bit last month; now averaging less than 10 million bbls/day over the past four weeks
• distillate fuel, on the other hand, is up about 3% over the past four weeks
• but jet fuel is the big story (and a lot of CO2 emissions): jet fuel product supplied was up over 5% compared with same four-week period last year
• but this is what is probably driving crude oil down in price today: total motor gasoline inventories increased by 1.8 million bbls last week -- an astounding 7% above the 5-year average for this time of the year -- with that inventory, one would think refineries will request less crude oil going forward, and already refinery are operating at less than 97% capacity after recently being near 99%

The gasoline demand graph will be posted later today.

https://ift.tt/2dZyQXu

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