Slight drawdown in crude (-300K) but a huge build in gas (+4M) indicates that manufacturers have stopped buying oil and are trying to get rid of as much as they can (gotta make it into something).
VLO seems to disagree but it often headfakes in the first half hour afer the report. Still I am very nervous and have my finger on the sell trigger!
Demand numbers are still coming in but if VLO goes back under $55.50, we can get back into all the puts we discussed but over $56, I don’t want to take any chances.
😎
ps – check the comments here for updates.
