Article By:
Dimitris Kontoulis
Sunday, July 25, 2021 9:51 AM EDT
Weekly analysis: We have only recently changed direction on seasonality and any positive spike was more than welcome while buying the uptrend. Here is where directional trading becomes tricky.
WTI Extends Gains After Sizable Crude Inventory Draw, Shrugs Off Unexpected Product Builds
$FANG $XOP $USO OK so we had EXACTLY the right #'s IF you just add the higher gasoline build to ESTIMATES versus the HIGHER crude DRAW to estimates. Basically the ESTIMATES really got it EXACTLY RIGHT! Crude -5.36mm (-3.3mm exp) Cushing +741k Gasoline +2.51mm (-1.1mm exp) Distillates +1.585mm (-1.6mm exp)