WTI has soared since last night's API-reported surprisingly-large crude draw (Oct above $67), but is falling back after DOE reported bigger than expected inventory builds at Cushing and in Gasoline and Distillates (despite a crude draw).
Bloomberg Intelligence Energy Analyst Fernando Valle notes that peak summer driving season may be shrinking in the rear-view mirror, but U.S. refineries are running like it's the Fourth of July as the availability of cheap crude and wide margins encourages them to keep pumping out petroleum products. Export markets will have to absorb that output to keep margins wide. Gasoline looks particularly vulnerable, with the upcoming switch to winter grades likely to force a sell-off.
http://www.zerohedge.com/news/2018-08-22/wti-drops-after-bigger-expected-cushing-product-builds?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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