- Bearish crude: Despite an eye-opening 4.96 million barrel decrease in crude oil inventories, stocks at the Cushing, OK oil trading hub fell by only 200,000 barrels. Until crude oil stocks significantly reduce further, the surplus inventory will easily absorb such draws
- Refineries increased crude oil inputs by 135,000 bpd, pushing utilization rates up 1.4% to 89.8%
- Gasoline stocks ↑1.32 million barrels while demand was flat due to higher-than-usual imports (↑223,000 bpd to 1.254 million bpd)
- Natural gas stocks rose by 78 BCF last week, 6 BCF greater than expected. Oct10/Jan11 is $0.045 wider at -$0.797 as the risk of insufficient year-end storage levels slightly diminishes further, all else being equal
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