Outlook: Trade in WTI, ULSD and RBOB is mixed to lower while Natural Gas takes another aggressive leg lower. It appears that yesterday’s view of EIA’s monthly STEO report has at least temporarily shifted the White House off of an SPR release. Energy remains a hot topic, however as today President Biden said reversing inflation is a top priority, particularly in the energy sector. We saw October Consumer Price Index up 6.2% y/y, higher than 5.8% anticipated. More immediate this morning we will view the EIA’s Weekly Petroleum Status Report. A Reuters poll suggests we could see a US crude build of 2.125 million barrels, a US distillate draw of 1.133 million barrels and a US gasoline draw of 1.193 million barrels. Yesterday afternoon the API predicted US crude stocks rose 3.6 million barrels, US distillate stocks rose 573,000 barrels while US gasoline stocks fell 552,000 barrels.
