Written Commentary
CRUDE OIL
April Crude was higher early Wednesday but the range of the past five sessions as prices remain elevated on concerns about a potential US strike against Iran and apparently ignoring a bearish API report from late Tuesday showed US crude oil stocks were +11.43 million barrels for the week ending February 20 versus an average expectations from the Reuters poll calling for +1.5 million. The report was a bit kinder to the products, with gasoline stocks -1.54 million barrels versus -600,000 expected and distillate stocks -2.77 million versus -1.6 million expected. The EIA report will be released later this morning.
PRODUCTS
The API report on Tuesday showed US gasoline stocks were -1.54 million barrels for the week ending February 20 versus an average expectations from the Reuters poll calling for -600,000. Distillate stocks were -2.77 million versus -1.6 million expected. The EIA report will be released today
NATURAL GAS
April Natural Gas was higher early Wednesday after moving down but failing to close the large gap from January 20. The forecast show a trend of above normal temperatures across the lower 48 states, but more seasonal temps are expected to persist in the Great Lakes and New England in the 6-10 day forecast. The 8-14 day shows above normal covering almost everywhere. A Reuters story focusing on the expansion of US LNG exports said that capacity is showing no signs of slowing down and that it could double in five years. This is in line with EIA predictions from late last year.
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