The brief bounce from last night’s API data (lower than expected build) has been erased and WTI Crude is testing back to one-week lows with a $44 handle head of today’s DOE data. For now it’s not weighing on stocks…
It appears the big distillates build from the API inventory report is the biggest concern for now as JBC Energy warns of an “acute crude overhang” as refinery run growth decelerates… Forecast implies “slight increase in core refined product stocks — which in turn we see as necessary to deal with what looks like a particularly acute crude overhang early in 2017”
And amid growing doubts of any agreement in Algiers later thsi month, crude prices are sinking…
via http://ift.tt/2cXrAKn Tyler Durden