Refined product prices receive support from bullish federal inventory data
- NYMEX ULSD contracts leading the upward move
- RBOB futures also seeing gains
- Crude contract gains more muted
- U.S. diesel inventories fell by 3.2 million bbl last week
- Gasoline inventories declined by 3.1 million bbl
- U.S. crude inventories grew by 5.5 million bbl
- Strong implied demand for gasoline
- Gasoline and diesel prices in spot markets generally mimicking NYMEX movements
Energy futures contracts on NYMEX are experiencing gains, with refined product prices receiving support from bullish federal inventory data. NYMEX ULSD contracts are leading the upward move, while RBOB futures are also seeing gains. Crude contract gains are more muted. The Energy Information Administration (EIA) reported that U.S. diesel inventories fell by 3.2 million bbl last week, while gasoline inventories declined by 3.1 million bbl. On the other hand, U.S. crude inventories grew by 5.5 million bbl. The EIA also reported strong implied demand for gasoline. Gasoline and diesel prices in spot markets around the country are generally mimicking the movements seen on the NYMEX screen.
Public Companies: NYMEX (N/A)
Private Companies: Oil Price Information Service, Dow Jones & Co
Key People: Steve Cronin (Reporter), Michael Kelly (Editor)
Factuality Level: 8
Justification: The article provides specific information about the gains in energy futures contracts and the reasons behind them, such as bullish federal inventory data and declines in diesel and gasoline inventories. The information is supported by the Energy Information Administration’s report. The article does not contain any irrelevant or misleading information, sensationalism, redundancy, or opinion masquerading as fact. It also does not include any bias or personal perspective presented as universally accepted truth. Overall, the article provides accurate and objective information about the energy futures market.
Noise Level: 3
Justification: The article provides specific information about the gains in energy futures contracts and the reasons behind them, such as bullish federal inventory data and declines in diesel and gasoline inventories. It also includes data on refinery utilization and implied demand for gasoline. However, the article lacks in-depth analysis, scientific rigor, and actionable insights.
Financial Relevance: Yes
Financial Markets Impacted: Energy markets
Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses the gains in energy futures contracts, specifically for refined products such as ULSD and RBOB. It also mentions the decline in U.S. diesel and gasoline inventories, as well as the strong implied demand for gasoline. These factors indicate potential impacts on energy markets and companies involved in the production, refining, and distribution of energy products.
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