Wednesday, April 21, 2010

Crude Oil Inventories/Commodities Update- 04.21.10

Crude oil inventories rebounded 1.9 million barrels for the April 16 week with refined stocks also up. Motor fuel jumped 3.6 million barrels; jet fuel edged up 0.4 million; distillate fuel oil; gained 2.1 million; and residual fuel oil rose 1.8 million barrels. Crude is up a little more than expected and spot crude dipped on the news, edging down about two bits to $83.19. Final demand is mixed as gasoline demand is up 2.7 percent from a year ago while jet fuel is down 0.3 percent and distillate demand is minus 0.1 percent. Refineries operated at 85.9 percent of capacity for the latest week.

•Crude is currently off by -$0.15 sitting @ $83.70/barrel

•Natural Gas is little changed on the session down 50 basis point @ $3.96/british thermal unit

•Gold is up $7.50 today, finishing at $1146.70/troy ounce.

Today and tomorrow I have a copious amount of school work. The mountain gets steeper the closer I get to graduation. However, I will try to update the blog with the usual economic/market data. Be sure to check out Alex's Forex post below.

Patrick M. Ambrus
Managing Partner
Analyze Capital LLC
Follow us on Twitter: @ AnalyzeCapital

1 comment:

  1. My dollar thesis of a possible uptrend may coincide with a possible short on oil for the summer months. If supply comes in more than expected next few months as well I'm sure we can see lower prices ranges. Already a continued stronger dollar will curb demand on the US consumption side. The past few months may have been a blip in the trend...


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