Rate Hikes Put Pressure on Energy Prices
April 20, 2023
The Fed is expected to raise rates by another quarter point of a percentage at the next meeting. These rate hikes have been the most aggressive in 40 years and that is putting pressure on energy prices. Concerns about higher rates impacting the economy negatively and energy demand have been more pronounced and weighing on prices.
The DOE report had crude oil inventories down 4.58 million barrels, gasoline up 1.3 and distillates down 360,000 barrels.
Total crude stocks are 465.968 and last year they were 413.733.
Total gasoline stocks are 223.544 and last year they were 232.378.
Total distillate stocks are 112.090 and last year they were 108.735.
Propane inventories were down 721,000 barrels putting total stocks at 55.456, still way ahead of last year when inventories sat at 36.990 million barrels. Midwest stocks were up 168,000 barrel putting stocks at 11.720 and last year they were 8.672 million. Gulf Cost inventories were down 500,000 barrels and that puts total stocks at 37.077 and last year there were 22.688 million.