Global Demand Concerns Weigh on Energy Prices
October 24, 2019
Propane inventories had a second consecutive draw this week, down 500,000 barrels putting total stocks just a bit below 100 million barrels. Midwest stocks were down 377,000 barrels and the Gulf Coast stocks were down 684,000 barrels. Total Midwest stocks are at 26.789 million barrels which is 985,000 less than last year at this time. The Gulf Coast total stocks are at 60.665 million barrels which is 17.936 million more than last year last time.
The DOE inventory reports said that crude oil stocks were down 1.699 million barrels putting total stocks at 433.151 million barrels. That is 10.3645 million more barrels than last year at this time.
Gasoline stocks were down 3.107 million barrels putting total stocks at 223.094 million barrels which is 6.236 million barrels less than last year at this time.
Distillate stocks were down 2.715 million barrels putting total stocks at 123.501 million barrels which is 9.590 million barrels less than last year at this time.
The draws across the board to inventories and headlines about OPEC+ cutting more production at their December meeting is supporting prices. The concerns about global demand being down are a negative to prices and these factors have energy markets stuck in a trading range.