Surprise Inventory Increase Fuels Selling Off
A surprise increase in Distillate inventories fueled a sell off across all pits yesterday. Distillates grew by 300k barrels while most expected a decline of about 1.5m. This, coupled with surprisingly low demand numbers (down almost 7%) saw the pit erase the roughly $.15 in gains added in the last two weeks. It appears that we are continuing that slow progression downwards with mindless swings in between.