Positive weekly EIA reportToday's EIA report looks very positive
The large draw in oil is nice, but look at the input to refineries
Refineries appear to be operating at significantly higher capacity than last year
This means more oil is being consumed and more gasoline, diesel etc is being made
Gasoline and diesel stocks both increased
This is what's needed to lower crack spreads
Its not often you see a situation where lower gasoline and diesel prices are positive for oil prices!
Someones computer trading program may need to be changed!