Despite headlines to the contrary, WTI / Brent did not soar yesterday following the EIA weekly petroleum report.
I did not find the EIA report particularly notable except that refiners were now operating at 93% of their operating capacity and they are gradually changing their focus on gasoline to focusing on diesel.
Over on social media, someone thought a huge draw was reported yesterday. Considering where we should be, I did not consider it much of draw. Certainly not a "stunningly massive draw." LOL.
WTI / Brent stays relatively flat after the report? Corroborates my view that the draw was not all that massive. Today, a day later, WTI is up about half a percent, hardly reflecting a "stunningly massive draw."
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