We live in strange times and experience strange moves from markets. Yesterday the US Inventory report from the EIA were highlighted by builds.
The API data overnight included draws for all of the major components of the oil complex and comprised of Crude -2.7 million barrels, Gasoline -4.2 million barrels and Distillate -2.3 million barrels.
In an indication of a lack of assuredness from the oil complex, the five main futures contracts registered week-on-week changes from 13/10/2023 to 20/10/2023 as follows: WTI +$1.06/barrel, Brent +$1.27/barrel, RBOB +7.66c/gal, Gasoil +$5.75/Mt and in a surprise from what should be the leader of the seasonal pack, Heating Oil posted a loss of 5.51c/gal.
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