Market continues to watch activities in the Middle East
January 5, 2024
The DOE inventory report had crude oil inventories down 5.50 million barrels, gasoline inventories were up 10.9 million barrels and distillates were up 10.09 million barrels.
Propane inventories were down 2.037 million barrels putting total propane supplies at 82.647 million barrels. Midwest stocks were down 242,000 barrels putting total Midwest supplies at 21.843 million barrels. Gulf Coast stocks were down 1.420 million barrels putting total stocks at 47.482 million barrels.
The US jobs number came out today, and it was up 216,000, better than expected and it increases the concern that the Fed may not be able to cut interest rates.
Energy markets are mixed this morning. The market continues to watch activities in the Middle East and the economy as factors that will drive energy prices. When all is said and done today the market will likely be flat to higher as the uncertainty in the Middle East will make traders uneasy to not be covered for the weekend. Libya also had another oil field shut in due to protest and that is just another item that the market will keep a watch on.