Today, WTI crude oil soared to as much as $77.15 but the price has since regressed to $76.00.
This stock is experiencing a $0.98 increase today; however, it is threatened by the weekly US inventory data to be released in the near future. The private oil inventory figures from the day before illustrated:
- A build of 14,865K in crude inventories
- Gasoline stockpiles up by 1800K
- An increase of 1100K in distillates
It wasn’t shocking to see a big crude build in late December, considering the refinery shut-ins caused by the cold weather; however, this should have been accompanied by product drawdowns. The market looks to be unimpressed with the figures and is awaiting the EIA report, with an expectation of:
An increase of 1186K was seen in the amount of Gasoline, while Distillates dropped by 472K and Crude by 2243K.