Fed Holds Interest Rates Steady
November 2, 2023
The DOE inventory report called crude oil stocks up 770,000, gasoline stocks up 70,000, and distillate stocks down 790,000.
Total crude oil stocks are now at 421.893 million barrels and there were 436.830 million barrels last year.
Total gasoline stocks are now at 223.522 million barrels and last year there were 206.633 million barrels.
Total distillates stocks are now at 111.295 and last year there were 106.784 million barrels. The inventory report overall was bearish as crude and gasoline had builds to inventories that were better than the outlook.
Propane stocks were down 1.232 million barrels putting total stocks at 101.199. Midwest stock were up 140,000 barrels putting total stocks at 27.195 and last year there were 24.466. Gulf Coast stocks were down 1.686 million barrels putting total stocks at 58.308 million and last year there were 49.426. the biggest factor on the Gulf Coast draws on inventory was exports. Exports were up 50,000 bpd to 1.893 million bpd, which is in the top five of export volume.
The private sector ADP jobs number reported a smaller rise than expected in jobs for October and the comments by the Fed implying the US fuel demand is likely to drop in the near to medium term time frame was also bearish on prices. But diesel was able to trade higher on the day while gas and crude were down.
The Fed did hold interest rates steady in their announcement yesterday which shows positive signs of economic sentiment.