China Adds Stimulus Money to Its Economy
January 24, 2024
The API inventory report called crude oil inventoried down 6.67 million, gasoline up 7.2 million, and distillates down 250,000.
The average estimates for the DOE report today from the Bloomberg survey is for crude supplies to be down 908,000 barrels, gasoline up 1.414 million barrels, and distillates up 578,000 barrels.
The estimate for today’s propane inventory report is for supplies to be down 4.2 million barrels.
The API was a bit bearish overall, but all traders will now be on the outlook for the DOE numbers today to get an idea of where supply level really sits.
China has taken some action to add stimulus money to its economy, which of course brightens the outlook for their energy demand. Crude oil has had support offered to it on this news.
The market continues to trade in its ranges looking for some news that might break it out in either direction.