Inventory levels surprised everyone by building 4.7% highlighted even as imports fell 6.1% and demand also dropping 3.2%. This only emphasizes the overabundant amount of worldwide inventory that continues to grow because producers are producing more to take advantage of the high prices for crude. Added to this is the decrease reported in the Index of Manufacturing Activity to 53.6 from 55.7 that contrasted greatly versus the positive China manufacturing report yesterday. Additional negative news included 169,000 jobs lost in November and refinery utilization down again 0.6%.
Crude fell $2.12 to $76.38, gasoline down 6.5 cents to $1.9862, and distillate dropping 5.2 cents to $2.0305.
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