RCC Energy update Wednesday 07/18/2018
NYMEX @ the close.
- August WTI Crude up $0.68 @ $68.76
- RBOB up 1.83 cents.
- HO up 2.02 cents.
- Gasoline even.
- Diesel up 2.25 cents.
- LP finished down a 1/2 cent at the Conway, Kansas hub.
The market started out a bit soft this morning until the DOE report came out at 9:35 AM.
A surprise build in crude inventories was off set by higher demands on both the products and inventory draws on both products, especially gasoline which saw stocks drop by 3.2M barrels.
Even with an overall crude build of 5.8M barrels, the traders found a reason for negativity. The Cushing, Oklahoma WTI crude supply hub had a decline in inventories for a 9th straight week.
The bulls seem like they are trying to find a foot hold anywhere they can.