April Crude Oil closed down 2.84 at 50.30. This was 0.25 up from the low and 2.62 off the high.
April Heating Oil closed down 5.49 at 155.90. This was 0.88 up from the low and 6.57 off the high.
April RBOB Gasoline finished down 3.05 at 164.93, 5.79 off the high and 0.58 up from the low.
April Natural Gas finished up 0.09 at 2.91, 0.03 off the high and 0.08 up from the low.
In addition to a significant downside extension and the lowest price since early December, the crude oil market was faced with bearish weekly inventory data. With US crude oil inventories rising for nearly 2 months, the dollar rallying and the trade apparently weary of supporting prices off the production cut scheme, the tidal shift in crude oil is not surprising. While weekly gasoline inventory data and decent implied demand figures provided support to gasoline prices, they were not immune to the bearish shift in psychology. Crude stocks at 528.393 million barrels is the highest ever for this week. EIA crude stocks rose 8.209 million barrels and are 37.55 million barrels above year ago levels. Also, crude stocks stand 144.007 million barrels above the five year average. Crude oil imports for the week stood at 8.15 million barrels per day compared to 7.589 million barrels the previous week. The refinery operating rate was 85.90% down, 0.10% from last week compared to 89.10% last year and the five year average of 85.32%. EIA gasoline stocks fell 6.555 million barrels and are 1.129 million barrels below last year
and 16.028 million above the five year average. Average total gasoline demand for the past four weeks was down 6.07% compared to last year. Gasoline imports came in at 242,000 barrels per day compared to 457,000 barrels the previous week. EIA distillate stocks fell 2.676 million barrels and stand at 946 thousand barrels below last year and 30.097 million above the five year average. Distillate imports came in at 266,000 barrels per day compared to 210,000 barrels the previous week. Average total distillate demand for the past four weeks was up 12.57% compared to last year. EIA heating oil stocks fell 1.012 million barrels and are 3.780 million barrels below last year and 5.741 million below the five year average.