Highlights
A giant build in gasoline stocks together with big builds in overall oil stocks and oil stocks at the WTI delivery point of Cushing, Oklahoma will deepen questions over over-supply in the petroleum market. Gasoline stocks rose 4.0 million barrels in the Nov. 27 week with oil stocks up 2.1 million and Cushing stocks up 1.4 million. Distillate stocks, however, were drawn in the week, down 1.2 million barrels. Refineries operated at a very low 79.7 percent of capacity in the week with output of both gasoline and distillates down. Imports of oil fell in the week. Turning to the demand side, demand for gasoline and distillates is stable but soft, showing little week-to-week change. Oil, firmly rangebound between $75 and $80, moved 50 cents lower in initial reaction before rebounding to pre-data levels at $77.50.