Oil prices traded down today as there was a draw in crude stockpiles for the 5th straight week but another build in refined product inventories. The market is optimistic with dwindling crude inventories about fuel demand both here and abroad but builds in product inventories tell another story. Refinery utilization numbers were up, +1.3% to 82%, but it may not stay this high if demand doesn’t improve. Crude stocks had a draw of -3.25MM/bbls, better than the forecasted draw of -2MM/bbls. Gasoline inventories increased by 4.4MM/bbls, vs a forecasted build of 2.47MM/bbls. Distillate stocks were up 4.79MM/bbls vs a forecasted build of 2.38MM/bbls. WTI traded down $.30 or -.56% to close at $52.91. Brent traded down $.52 or -.92% to close at $56.06.
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Thanks to followers like you we were able to reach our goal of 1,000 LinkedIn followers. Since our last promotion was so successful we are going to do it each quarter! Help us reach 1,500 followers by Q2 and you will be put into our next raffle to win a PFLX railcar! All you need to do to qualify is Like and Share our latest Railcar Giveaway post on LinkedIn and follow our LinkedIn page! Once we hit our Quarterly goal our very own Lisa will draw a random name from a hat.
Disclaimer – Only one person will be selected at random to win per quarter. PFL must reach 1,500 total followers by the start of the Second Quarter. (As of writing this PFL is at 1,087 followers) To qualify you must like, share the post on LinkedIn and follow the PFL LinkedIn page. You must be 18+ and live within USA or Canada. See link below for the LinkedIn post. Redrawing will be held in the event the winner cannot be reached.