Wednesday, June 1, 2011

API's

 CRUDE STOCKS UP 3.5 MLN BBLS
 GASOLINE STOCKS UP 1.5 MLN BBLS
 DISTILLATE STOCKS OFF 1.4 MLN BBLS
 CRUDE IMPORTS UP 2.2 MLN BPD TO 9.94 MLN BPS

vs expectations of ;
crude down 1.3 mln bbls,
Gasoline UP 800,000 bblsdistillates DOWN 300,000 bbls;

on top of those horrible numbers this morning.
Great chart from John Kemp at Reuters;

 click to enlarge

Thought we would have seen this kind of action to the downside yesterday off the Greek debacle.
Turns out it's domestic fundamentals after all.

Will update the count later tonight on most markets, but the SP has what looks like an expaqnding triangle 2 wave ending late last night, making this the beginning of a 3 down .




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