Fed Raises Rates Again, Chair Expects More and Says “Some Ways to Go”
November 3, 2022
The DOE inventory report had crude oil inventories down 3.12 million barrels putting total stocks at 436.830 million barrels and last year there were 434.102 million barrels a 2.728 million barrel surplus over last year. Cushing, Oklahoma crude oil stocks were up 1.267 million putting total stocks at 28.164 million and last year there were 26.416 million 1.748 million barrels more than last year.
Gasoline stocks were down 1.26 million barrels putting total gasoline stocks at 206.633 and last year there were 214.258 million a 7.625 deficit to last year.
Distillates stocks were up 430,000 barrels putting total stocks at 106.784 million and last year they were 127.122 million a 20.338 million barrels deficit to last year.
Propane inventories built by 1.234 million barrels putting total stocks at 88.051 million and last year total stocks were 76.098 million barrels a 11.953 million barrels over last year. Mild weather which has led to light demand and above average build this far into the demand season has pushed propane inventories to comfortable levels. Propane just needs some demand, and it will eventually get it. Midwest stocks were down 243,000 putting total Midwest stocks to 24.466 and last year at this time they were 25.373 million barrels a 907,000 barrel deficit to last year. Gulf Coast stocks were up 961,000 barrels putting total Gulf Coast stocks at 49.426 million barrels and last year they were 35.943 million a 13.483 million barrel surplus over last year.
The Fed did announce a 75 basis point increase to interest rates. The FED’s Chairman Powell said the Fed still had “some ways to go” to tame soaring prices, and “data since out last meeting suggest that the ultimate level of interest rates will be higher than expected.”