Fed Chair Expects Pace of Interest Rate Increases to Slow
December 1, 2022
The DOE inventory report showed a big draw to crude oil stocks of 12.58 million barrels putting total stocks at 419.084 million barrels. Last year stocks were 433.111 and the three year average is 456.083.
Gasoline stocks were up 2.77 million barrels putting total stocks at 213.768. Last year was 215.422 and the three year average is 226.14.
Distillate stocks were up 3.55 million barrels putting total stocks at 112.648 million barrels. Last year there were 123.877 and the three year average is 129.739.
Propane inventory had a big build of 1.604 million barrels putting total stocks at 90.633 million barrels. Last year they were 72.660 and the five year average is 79.615. Midwest stocks were up 729,000 barrels putting total stocks at 26.381 and last year there were 24.393 and the five year average is 24.467. Gulf Coast stocks were up 1.247 million barrels putting total Gulf Coast stocks at 50.178 million and last year there were 34.604 and the five year average is 42.882. There is a lot of propane as build have been good with all the mild weather and low demand. December looks to bring in some colder temperatures and should create more demand moving forward.
Fed Chair, Jerome Powell, said that the Fed would slow the pace of interest rate rises which helped to weaken the US dollar a bit. But he did warn that there is more work to do but the Fed is also cautious about overtightening as well. They have a very tough job to try and get it right.
Crude is up a couple dollars after the big draw to stocks yesterday and good crude demand. Products are up slightly but still mixed as there continues to be may uncertainties with these market.