Uncertainty in Middle East Muddles Markets
October 12, 2023
The API inventory numbers had crude oil up 12.9 million barrels, gasoline up 3.6, and distillates down 3.5.
Estimates from the Bloomberg Survey for today’s EIA number is crude stocks down 432,000, gasoline down 128,000 and distillate down 712,000.
The average estimate for today’s propane inventory update is stocks up 543,000.
The energy markets are still congested as there is a lot of uncertainty around the events in the Middle East. Prices are higher so far today as traders are cautious about this conflict bringing Iran into the mix as the thing that would certainly support higher prices.
Headlines will continue to drive prices here in the near term and volatility will remain high. The unknown on many fronts will keep the market active intraday.