Losses in crude oil and refined product futures despite positive supply and demand data

  • Crude oil and refined product futures showing losses despite bullish inventory report
  • Crude oil losses approaching $1/bbl
  • Gasoline inventories fell by 600,000 bbl, placing supplies 2% below seasonal averages
  • Distillate inventories rose by 800,000 bbl, with stocks 9% lower than normal
  • U.S. refinery utilization at 93.3%, up about a percentage point from previous week
  • Strong gasoline demand for holiday week at nearly 9.17 million b/d

Crude oil and refined product futures were showing losses despite surprisingly bullish data on U.S. energy supply and demand. Crude oil losses were approaching $1/bbl, while gasoline inventories fell by 600,000 bbl, placing supplies 2% below seasonal averages. Distillate inventories rose by 800,000 bbl, with stocks 9% lower than normal. U.S. refinery utilization was at 93.3%, up about a percentage point from the previous week. Strong gasoline demand for the holiday week was recorded at nearly 9.17 million b/d.

Public Companies: West Texas Intermediate (WTI), Brent (Brent)
Private Companies: undefined, undefined
Key People: Steve Cronin (Reporter), Andrew Atwal (Editor)

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Factuality Level: 8
Justification: The article provides specific data on crude oil and refined product futures, as well as information from the U.S. Energy Information Administration’s weekly Petroleum Status Report. The information is sourced from Oil Price Information Service, which is operated by Dow Jones & Co. The article does not contain any obvious bias or opinion masquerading as fact.

Noise Level: 3
Justification: The article provides relevant information on crude oil and refined product futures, including price movements and inventory data. However, it lacks analysis or insights into the long-term trends or consequences of these developments. It also does not provide any actionable insights or solutions for the reader.

Financial Relevance: Yes
Financial Markets Impacted: Crude oil and refined product futures

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses the losses in crude oil and refined product futures despite bullish data on U.S. energy supply and demand. There is no mention of an extreme event or its impact.

Reported publicly: www.marketwatch.com