Market Brief: June 15, 2021

Uncertainty with OPEC+’s production quotas pushed the Fuels Markets lower again on Wednesday. Traders are concerned over fracturing within the alliance. However, help for the Bulls arrived late in the day from the API. The API showed an 8MM barrel decline in crude inventories. The EIA posts their numbers at 10:30 EDT. S&P Global Platts’ survey expects Crude inventories to be lower by 6.2MM barrels, Gasoline down 1.7MM barrels, and Distillates up 1.4 MM barrels. API’s Gasoline and Distillate numbers were close to the S&P guess, but the Crude decline was off by a whopping 30%. Expect another charge from the Bulls if EIA concurs with the API numbers.