EIA Energy Stocks

EIA Energy Stocks

Crude Oil: 407.0 (up 2.5M wk, down 16.7M yr)
Gasoline: 209.7 (down 1.6M wk, down 17.4M yr)
Distillate: 107.2 (down 3.4M wk, down 5.8M yr)
ULSD: 96.8 (down 3.3M wk, down 6.9M yr)

Refinery Rate: 96.5%

Analysis 

Distillate drew 3.4 million barrels this week, while gasoline pulled 1.6 million. Crude went the other direction, adding 2.5 million with imports jumping over 500 thousand barrels a day and refinery runs easing to 96.5 percent.

Crude is 16.7 million barrels below year ago levels and gasoline is running 17.4 million under last year. Distillate’s year over year deficit widened to 5.8 million as well. The product draws came even with refinery utilization pulling back from 97.2 to 96.5 percent, which means demand did the work.

Crude is trading about a dollar lower this morning. Tuesday’s settle at 75.77 slipped just under the 200 day at 75.96, with the 20 day and 50 day both clustered near 80 overhead. RSI at 45.2 has reset to neutral after the pullback from the 87.01 swing high. A close back above the 200 day and 76.00 could set up a run at the 80 area, while a sustained break lower opens the door to the 71.41 swing low.