Another week, another data dump from EIA.Gov.
Crude inventory slipped -5.4M barrels; Distillates up +1.1M barrels; Gasoline up +2.2M barrels. Prices for barrels of WTI, slid -3.65; Highway diesel eased -2¢ per gallon; residential heating oil was down -10.8¢ per gallon; and gasoline was down -3.4¢ per gallon.
Gasoline consumption, seems to be heading up and possibly moving above the 3 month moving average at current pace. Why it is happening, is beyond my scope of knowledge, although the retail numbers from today, seem to support an increase in gasoline consumption. Maybe with cold weather, people are warming up their cars, before driving.
Diesel seem to still be an issue, as inventories remain low, especially in the Northeast.
I would suggest that areas other than the northeast, may slowly build, as agricultural usage should begin to ease with the bulk of crops being harvested. It should be noted the dry weather in many of these areas have accelerated harvest and the need for drying the crops down has been reduced.
Not sure that is the reason for propane stocks rising, but works for me, as inventory is well above this time last year.
I did add politics as a tag, but I won't say anything until this election is finally over. Does anyone know when that will be. 😎
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