The drawdown in crude inventories came at a time when refinery utilization remained low due to scheduled maintenance shutdowns.
More Quotes from Rakesh Shankar:
This week essentially marks the death knell for winter.Rakesh Shankar
Traders are now starting to worry more about demand destruction than about supply disruptions.
Rakesh Shankar
This report marks a healthy start to the gasoline buildup for the summer driving season. A few more weeks of this kind of healthy build will help further assure the market that gasoline prices this summer will head south.
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We are entering spring with near-record levels of inventory. A recent cold spell notwithstanding, few people now care about surprises in this release, seeing as how total inventories are nearly 70 above average.
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The recent cold snap seems more like a last hurrah for Old Man Winter, and with barely a few weeks left in the winter season, inventories for natural gas remain in near record territory. This will ensure that any price gains for natural gas in the aftermath of today's report will be limited.
Rakesh Shankar
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Based on Topics: Time QuotesBased on Keywords: drawdown, shutdowns
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