Energy Markets Trade in Tight Range
August 30, 2023
The estimates for the DOE inventory report today are for crude stocks to be down 1.596 million barrels, gasoline down 720,000 barrels, and distillate down 943,000 barrels. These estimates are from the Bloomberg survey. The API weekly inventory update had crude oil stocks down 11.5 million barrels, gasoline stocks up 1.4 million, and distillate up 2.46 million.
The energy markets have stumbled into congestion as the dog days of summer seem to have sucked the vitality out of these market as they trade in a tight range.
The estimate for this week’s propane inventories is that they will increase by 2.26 million barrels. Exports are estimated to be down 1.38 million barrels.
The July JOLTS was a bit of a disappointment. It showed there were just 8.827 million job openings. The expectation was for there to be 9.5 million and the previous report was 9.58. The 8.827 million was a 28-month low.
The private sector ADP number came out this morning and it showed 177,000 new private sector jobs were added in August. The government’s non-farm payrolls number come out tomorrow.