Phil Flynn is writer of The Energy Report, a daily market commentary discussing oil, the Middle East, American government, economics, and their effects on the world's energies markets, as well as other commodity markets. Contact Mr. Flynn at (888) 264-5665
[Carl Surran, Seeking Alpha]
U.S. crude oil fell for the fourth straight session after the EIA reported a surprise rise in crude and gasoline inventories, but a rise in refining runs and a drawdown in distillates helped prices bounce off session lows; WTI settled -0.7% at a two-week low $55.33/bbl, while Brent finished -0.6% at $61.87/bbl.
“Overall, the report is somewhat supportive because it was not as bearish as the previous API report last night,” says Phil Flynn at Price Futures Group in Chicago.
“Strong profitability continues to encourage refiners to keep running hard, with refining activity materially higher than both last week and year-ago levels,” says CliperData’s Matt Smith; refinery utilization stood at 91% of capacity in the latest week, up from 89.6% a week earlier.
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