EIA Energy Stocks

EIA Energy Stocks

Crude Oil: 404.5 (down 7.2M wk, down 22.2M yr)
Gasoline: 211.3 (flat wk, down 17.1M yr)
Distillate: 110.6 (up 1.0M wk, down 2.9M yr)
ULSD: 100.1 (up 0.9M wk, down 3.5M yr)

Refinery Rate: 97.2%

Analysis 

Crude drew 7.2 million barrels this week with refinery runs at 97.2 percent and exports jumping to 3.5 million barrels a day. Gasoline was flat on the week while distillate added a million, but the crude number stands out.

Crude is now 22.2 million barrels below year ago levels, the widest gap on the report in a few weeks, and gasoline is still running 17.1 million under last year. Refiners pushed to 97.2 percent utilization and crude supply still could not keep up. That combination of heavy throughput and a draw that size says the export pull is real.

Crude is trading about seven dollars higher this morning. Tuesday’s settle at 77.17 came on a pullback that gave back most of the prior two weeks’ rally, sitting just above the 20 day at 76.89 and the 200 day at 75.38 but well under the 50 day at 81.75. RSI at 56.0 had unwound from overbought before today’s move. A close above the 50 day at 81.75 reopens the path to the swing high near 87.00, while a break below the 200 day at 75.38 targets 72.00.