Results

You can pack hope and expectations into a forecast, but reality sometimes ruins the party. Such was the case in the Fuels Markets on Wednesday. The common belief was drivers would break from their quarantined chains and rush to siphon gas supplies in the launch of the busy driving season. However, the EIA’s inventory numbers produced doubts. Crude declined by 5.2MM barrels over last week. Gasoline and Distillates increased a whopping 7.0MM and 4.4MM barrels respectively. This is not to say the Bears have finally won. However, the Bulls took it on the chin without doubt. Thursday’s focus will be the Weekly Jobless Claims and Core CPI.