December Crude Oil closed down 0.79 at 49.17. This was 0.30 up from the low and 0.93 off the high.
December Heating Oil closed down 1.40 at 156.67. This was 0.97 up from the low and 2.42 off the high.
December RBOB Gasoline finished down 0.95 at 147.64, 0.78 off the high and 2.82 up from the low.
December Natural Gas finished down 0.10 at 3.05, 0.09 off the high and 0.07 up from the low.
The bull camp has to be discouraged by the markets inability to sustain a positive reaction to a surprise weekly US crude stock decline yesterday especially after the API posted a large inflow on Tuesday. More than flush Brent supply and talk of rising October and November Russian light crude oil exports leaves the near term tilt in prices pointing downward. In fact, EIA Crude stocks came in at 468.158 million barrels and that is the highest ever level for this week. EIA crude stocks fell 553,000 barrels and are 20.164 million barrels above year ago levels. Also, crude stocks stand 105.161 million barrels above the five year average. Crude oil imports for the week stood at 7.016 million barrels per day compared to 6.907 million barrels the previous week. The refinery operating rate was 85.6% up, 0.6% from last week compared to 87.6% last year and the five year average of 86.9%. EIA Gasoline stocks this week came in at 226.011 million barrels and that is the highest for this week since 1990. EIA gasoline stocks fell 1.956 million barrels and are 7.364 million barrels above last year and 17.741 million above the five year average. Average total gasoline demand for the past four weeks was down 0.07% compared to last year. Gasoline imports came in at 834,000 barrels per day compared to 871,000 barrels the previous week. EIA distillate stocks fell 3.354 million barrels and stand at 10.321 million barrels above last year and 23.385 million above the five year average. Distillate imports came in at 74,000 barrels per day compared to 32,000 barrels the previous week. Average total distillate demand for the past four weeks was up 2.57% compared to last year. EIA heating oil stocks rose 457,000 barrels and are 16,000 barrels above last year and 8.547 million below the five year average.