Trucking activity is relatively flat since March
August 20, 2025
The API inventory estimates released yesterday called crude oil inventories down 2.40 million barrels, gasoline inventories down 1.0 million barrels, and distillate inventories up 500,000 barrels.
The average estimate for today’s DOE inventory report from the Bloomberg survey is that crude oil supplies will be down 865,000 barrels, gasoline supplies up 456,000 and distillates up 1.785 million barrels. There are other estimates calling for a bigger 4.8-million-barrel draw in crude stocks and that could be supporting crude prices higher here this morning.
Trucking activity in the US saw a slight increase in July after two months of decline but remained relatively flat since March, according to industry group data release on Tuesday.
Storms with heavy rains cause flooding at BP’s Whiting, Indiana, refinery. This is roughly a 430,000 barrel per day refinery, and this could support spreads and basis near term. , could take place,, it is estimated to be down for a week.
Energy markets are a bit firmer today after a good pullback. Optimism is still high that a meeting between President Zelensky and President Putin, as well as President Trump could take place which could lead to a peace deal. This, of course, is a very fluid situation. But progress could keep Russian crude oil flowing and help ease prices.
The energy markets are likely to continue to trade in a range looking for some clarity on the many issues currently being discussed by all parties.