Oil price tumbles on EIA inventory stats

A bit of a tumble for crude yesterday which was mainly down to the EIA inventory stats. Whilst crude drew 1m barrels which was close enough to the whisper, it was the gasoline numbers which showed a build of 1.5m barrels that put the cat amongst the pigeons, a draw of 1.9m b’s was forecast. With a rise of 1.9% to 92.9% refinery rates were indeed high but no more than can be expected given that we are only about a month away from the start of the driving season. Interestingly, distillates drew by 2m barrels showing that the product markets are in a bit of a quandary.

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