RCC Energy update Wednesday 09/26/2018
NYMEX @ the close.
- October WTI Crude down $0.71 @ $71.57
- RBOB down .92 cents.
- October ULSD down .55 cents.
- Gasoline down 4 cents.
- Diesel down .5 cents.
- LP finished down 1.25 cents at the Conway, Kansas hub.
Weekly DOE report out at 9:35 AM today:
Crude was a bit bearish today. US crude stocks increased for the first time in 6 weeks with a 1.9 MBL build. The overall inventories are still low compared to last year as current inventory is almost 16% below last year at this time.
Diesel was bullish with a larger than expected draw of 2.2 MBL and an implied demand increase for the fourth straight week.
Gasoline was bearish with a larger than expected build on stocks of 1.5 MBL. Gasoline supply is at an all- time record high for this time of year.