Prices Hold Steady Despite Pressure From Bulls and Bears
July 29, 2021
The DOE inventory report had crude down 4.09 million barrels with Cushing, Ok crude stocks down 1.268 million. Gasoline stocks were down 2.25 million and distillates were down 3.209 million. These numbers were a bullish report. The market traded mixed for most of the day with HO closing up over a penny and RBOB just slightly negative. The market has not broken down, but it also didn’t respond great to a bullish report. At this point, you still have to give the upper hand to the bulls.
Total crude stocks are 435.598 and last year there were 525.696 a 90.371 million barrel difference. Total Cushing, Ok crude stocks are at 35.443 million and last year there were 51.421 million a 15.987 million barrel difference. Gasoline total stocks are at 234.161 million and last year there were 247.387 a 13.226 million barrel difference. Distillate total stocks sit at 137.912 million barrels and last year there were 178.386 million a 40.474 million barrel difference.
Estimated demand for gasoline was down slightly but still good at 10.043 million bpd. Implied demand for distillates was up just slightly but still strong at 5.368 million bpd.
Propane stocks were up 1.862 million barrels and the average estimate was 1.97, putting total stocks at 64.517 million barrels and last year stocks were 84.404 million barrels a 19.887 million barrel difference. This week’s build was a decent build but not more than expectations like last week and still keeps the concerns intact for low supplies headed into winter. Price held pretty steadily with no big more in either direction after the numbers were released. Midwest stocks were up 617,000 barrels putting total Midwest stocks at 18.648 million compared to last year when there were 21.9862 million a 3.314 million barrel difference. Gulf Coast stocks were up 9,000 barrels putting total Gulf Cost stocks at 34.302 million and last year there were 49.592 million a 15.2980 million barrel difference.