EIA Weekly Energy Stocks

EIA Weekly Energy Stocks

Refinery Rate: 96.1%

Crude Oil: 411.7 (up 2.0M wk, down 7.3M yr)
Gasoline: 211.3 (up 0.8M wk, down 19.8M yr)
Distillate: 109.6 (up 1.4M wk, down 0.3M yr)
ULSD: 99.2 (up 0.8M wk, down 1.5M yr)

Analysis 

Crude added 2.0 million barrels this week, and gasoline and distillate added right along with it. All 4 added barrels with the refinery rate still at 96.1 percent.

Gasoline is still 19.8 million barrels below year ago levels despite the small addition this week, and that deficit has barely budged for weeks. Crude’s year over year gap narrowed to 7.3 million from 12.5 million last week, mostly on the commercial build side, but the gasoline hole is the one that matters in the middle of July.

Tuesday’s settle at 84.34 put crude above the 50 day at 83.86 for the first time in weeks, with the 20 day at 73.82 now well below and the 200 day back at 74.77. RSI at 85.6 is running hot. A close above 84.34 at the 20 day swing high opens the door to 88.00, while a pullback through 83.86 at the 50 day targets 73.82.