Tortoise’s Nick Holmes in Bloomberg

Crude Rallies as Draw in U.S. Fuel Stocks Outweighs Crude Build

  • Domestic oil inventories expand by the most in five months
  • Futures move into positive territory hours after report

Oil turned positive hours after a U.S. government report showed large declines in fuel inventories, outweighing a bigger-than-expected crude build.
Futures rose 1.1% in New York on Thursday. The Energy Information Administration reported that American gasoline and distillate supplies shrank by a combined 6.4 million barrels after almost 17% of domestic refining capacity went dark last week. Crude also followed equities higher amid a spate of mostly positive earnings reports.

Read more here: https://www.bloomberg.com/news/articles/2019-10-16/oil-sheds-gains-on-report-showing-sharp-rise-in-u-s-supplies

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