Yesterday, the market got back some of its Monday losses. WTI finished up $0.27/bbl to $47.64, RBOB finished up $0.0067/gal to $1.5908, and Heating Oil closed up $0.02/gal to $1.5912. Supporting oil prices yesterday were the expectations of a decline in crude inventories for the eight-consecutive week. The API statistics that were released last night showed a draw of 3.6 million barrels in crude inventories. Refined products were a bit more bearish with builds in inventories. Distillates showed a 2 million barrel build, and gasoline a 1.4 million barrel build.
The DOE statistics released this morning did confirm eight straight weeks of declines in crude inventories with a 3.3 million barrel draw. Cushing, OK also drew 503,000 barrels. Refined products differed from the APIs with gasoline drawing 1.2 million barrels and distillates building only 28,000 barrels. Since the release of the DOEs, the market is trading up across the board. As of 11:15 a.m. EST, WTI is up $0.20/bbl, RBOB is up $0.0120/gal and Heating Oil is up $.0215/gal.
The Department of Commerce (DOC) announced yesterday its preliminary determinations in the countervailing duty case on imports of biodiesel into the U.S. from Argentina and Indonesia. The preliminary rates:
The Commerce is scheduled to make a final decisions around November 7th of this year. See link for more information: http://enforcement.trade.gov/download/factsheets/factsheet-multiple-biodiesel-cvd-prelim-082217.pdf
Tropical Depression Harvey, currently hovering in the gulf coast, moving at a snails’ pace of 9mph, has the potential to disrupt the Gulf Coast refineries towards the end of the week with heavy rainfall and flooding. See images below- the first shows refineries in the Gulf Coast, and the second shows the predicted rainfall during Tropical Depression Harvey.