My account is with Chuck at Schwab. Everyday you get updated reports from people-organizations like Hightower. Other places probably do too.
So I'm reading about crude today and whoever wrote the story goes on and on about Chinese demand is at another record high and is going to create a floor under crude prices.
In the very next paragraph that talks about unleaded and distillates, it goes on about how China is exporting record amounts of unleaded and distillates and supplies are backing up in Rotterdam, Amsterdam and Antwerp.
It's not record demand if China is only a refinery and is shipping it some place where the tanks are filling quickly. A 9% increase in products in ARA in one week!
Kind of sounds like what is going on here in the US. Processing a large amount of crude, but supplies are steadily building in unleaded and distillates. Usage is down across the board from last year.
It's hard to take away anything bullish in any of this.
Thanks Jim,
Can't comment on a report that I can't see.
On US stocks, crude is lower than the level of a year ago, unleaded is close to a year ago and heating oil is higher than a year ago, mainly because of the massive build on the last EIA report.
Crude and products
8 responses |
Started by Jim_M - Jan. 15, 2020, 10:54 a.m.
And crude was under $50 in Jan of 2019. Unleaded bounced at $1.300 and heating oil was at $1.700.