The EIA’s Weekly Petroleum Status Report was released yesterday. There was a build of 4 million barrels on crude inventories. The EIA stated that for refined products, gasoline built by 3.3 million barrels and distillate drew by 267,000 barrels.
Along with the bearish data published in the EIA statistics the big market movers today are the conflict escalation in Syria and the looming prospect of Hurricane Joaquin. The global news out of Syria is that Russia launched airstrikes yesterday and President Putin has stated that they will back the current ruling powers against the wishes of the United States and their allies.
The path of Hurricane Joaquin is still uncertain but heavy rain, including potential flooding is expected along the east coast. There may be potential supply disruptions similar to previous east coast hurricanes, therefore product price escalations are expected. Below is a map of the current hurricane advisories provided by NOAA.