EIA Energy Stocks

EIA Energy Stocks

Refinery Rate: 96.2%

Crude Oil: 424.4 (up 17.4M wk, down 2.3M yr)
Gasoline: 208.7 (down 1.0M wk, down 17.6M yr)
Distillate: 107.1 (flat wk, down 6.6M yr)
ULSD: 96.4 (down 0.4M wk, down 7.7M yr)

Analysis 

Crude added 17.4 million barrels this week. Imports surged over a million barrels a day higher to 7.3 million while exports dropped 627 thousand to 3.1 million. Gasoline drew a million on the other side with refinery runs easing to 96.2 percent.

The crude build nearly erased the year over year deficit, which narrowed from 16.7 million to just 2.3 million in one week. Gasoline is still running 17.6 million below last year and distillate’s gap widened to 6.6 million. The product side of the report looks tight but the crude number will get the attention.

Crude is trading a touch lower this morning. Tuesday’s settle at 83.20 sits above all three major moving averages with the 20 day at 81.43, the 50 day at 79.07, and the 200 day at 76.42. RSI at 49.4 is neutral despite that positioning. A close above the 87.01 swing high reopens the door to 90.00, while a pullback through the 20 day at 81.43 targets the 79.00 area near the 50 day.