Results

The Bulls bounced back in the Fuel Markets on Tuesday as the US Senate passed a $1 trillion infrastructure bill. Late in the day, the API released their inventory counts Tuesday with decreases in Crude and Gasoline inventories of 673K barrels and 1.4MM barrels respectively. Distillates gained 673K barrels. Focus on Wednesday will be the weekly EIA report. S&P Global Platts’ survey predicts decreases across the board with Crude supplies dropping 600K barrels, Gasoline 2.4MM barrels and Distillates 600K barrels. The variances between the Gasoline and Diesel levels and the S&P Forecast could drive fuel prices lower if the EIA concurs. An additional market influencer on Wednesday will be from the release of the monthly US Consumer Price Index.