NYMEX Overview: Large Gulf Coast Crude Draw Surprises Traders -- OPIS
December 28 2023 - 11:56AM
Dow Jones News
Petroleum traders received a surprise this morning in the form
of a 6.9-million-bbl draw in crude oil inventories. The decline
came thanks to a massive plunge of 11 million bbl in Gulf Coast
stocks, with some of the drop credited to tax avoidance.
Gasoline stocks fell by 600,000 bbl, as U.S. refiners pushed
total input above 17-million b/d. The increase of 168,000 b/d on
the week pushed more than 10-million b/d of gasoline to market as
well as over 5.1-million b/d of distillate.
Distillate stocks rose by 800,000 bbl and that included a
1.9-million bbl build in the Northeast.
Demand was surprisingly brisk with gasoline consumption
estimated at 9.168 million b/d. Companies exported about 600,000
b/d more gasoline than they imported.
Ahead of the report, crude oil prices were down by 60-80cts/bbl
with RBOB off by 2.5-3cts/gal. ULSD values were flat thanks to the
prospects of some seasonable weather. After five minutes of quick
digestion, crude oil futures were softer by 40cts/bbl with RBOB off
1.5cts/gal in quiet trading. Diesel futures were nearly
unchanged.
This content was created by Oil Price Information Service, which
is operated by Dow Jones & Co. OPIS is run independently from
Dow Jones Newswires and The Wall Street Journal.
-- Reporting by Tom Kloza, tkloza@opisnet.com; Editing by Steve
Cronin, scronin@opisnet.com
(END) Dow Jones Newswires
December 28, 2023 11:41 ET (16:41 GMT)
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