Results

Wednesday turned into an interesting day in the Fuels Market. In the AM, the EIA released their inventory levels. Crude inventories dropped significantly more than most forecasts. Distillate inventories fell to a lesser extent, but Gasoline stocks continue to rise on increased production. The net of these numbers should have been Bullish. However, the EIA measures what has happened. The markets are often more concerned about what lies ahead than what lies behind. At 2pm, the Federal Reserve released its announcement. There is no immediate change in Fed Rates. However, the tea leaves suggest rates will rise sooner than previously expected.