Ukraine Tension, Inventory Projections & Chinese Economic Data
Energy Market Updates
Posts by:
Kelly Burke
Surprise CRUDE Inventory Drops Catch Analysts Off Guard - but NYMEX Holds on to Week's Losses
Crude Continues Drop on Supply Estimates & Manufacturing Speculation
Crude - both Brent and WTI - continued to drop today on speculations of another inventory build on tommorows EIA report. According to a Bloomberg survey, tommorows report may show increases of 1.8mbl up to 2.5mbbl. The prior weeks report (the tenth increase in a row) indicated US Crude inventories climbed to 385 million barrels, the highest on hand since November, with PADD 3 numbers (Gulf Coast) hit over 200 million barrels, the highest since 1990.
Houston & Ukraine Concerns Drive Early Week's Market Swings
Don't Forget! MA Gas & Diesel Tax Rate Change Effective Today!
The State of Massachusetts, as part of the Transportation bill, has voted to increase the state excise tax on gas & diesel. This increase will be tied to inflation and increase annually. The increase this year, effective today, July 31 2013, is $0.03, which raises the excise tax to $0.24 per gallon.