Outlook: The energy complex is softer in front of EIA stats set for 9:30 am CDT this morning. In estimates out yesterday, an industry group predicted US crude stocks rose by 2.3 million barrels last week while Cushing, OK stocks fell by 3.7 million barrels. They showed distillate stocks rose by 1.0 million barrels and gasoline stocks rose 500,000 barrels. A Reuters poll suggests today we could see the EIA report US crude stocks up 1.9 million barrels, distillate stocks down 2.3 million barrels and gasoline stocks down 1.9 million barrels. Elsewhere, fuel retailers are said to be rationing diesel fuel in China, while the White House continues to pressure OPEC to add more barrels to the market.
This is the view of Cushing, OK crude stocks as of last week’s EIA report, which show low inventories which have been depleting counter seasonally. Its anticipated we’ll see a draw again today.