Seeking Alpha

WTI crude at 4-month low as supplies rise

  • The API late yesterday reported a 3M barrel build in domestic supplies, a number the EIA is expected to confirm in its own report at 10:30 ET.
  • WTI crude (USO) is off 1.9% to $96.48, the lowest price since late June. Brent crude (BNO) isn't off nearly as much and the spread between the two has widened to a 6-month high of about $12 per barrel.
  • Behind the stock build and lower U.S. prices could be refinery maintenance shutdowns. Fewer runs mean lower demand for crude, but also mean less product - gasoline and distillate supplies are both expected to print lower in the EIA report.
  • ETFs: OIL, USO, DBO, OLO, USL, CRUD, UCO, DTO, SCO, SZO, DNO, UWTI, DWTIBNO, UOIL, DOIL, UGA.
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Comments (1)
  • DeepValueLover
    , contributor
    Comments (10022) | Send Message
     
    Another major sign that the economy is slowing down very quickly.
    23 Oct 2013, 09:32 AM Reply Like
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