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Refined Product Shortages Provide Crude Price Support

OIL

Oil prices held onto their overnight gains from a lower USD and product market shortages. They have traded slightly higher today with WTI now just over $88 and Brent just under $96.

  • While the EIA weekly data showed a build in inventories of crude, the details continued to report distillate stocks at record lows in the US and a drawdown of gasoline. Demand for crude is expected to rise globally to increase refined product supplies, especially of diesel, thus providing price support.
  • Along the same theme, China increased export quotas to encourage more shipments of refined fuel products and to provide a boost to the struggling economy. Given excess capacity in the sector, refiners are likely to increase output and purchases of crude oil.
Energy BulletsCommodities
Energy BulletsCommodities

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