The opening price on the E-mini S&P was (1742.25) today. There was a high of (1744) that was reached within the first ten minutes of the market opening. The lowest price was (1734.50) at 10:55 p.m. Eastern time today. For the 5th week in a row there has been a increase of domestic production together with falling demand in petroleum, resulting in a 5.2 million barrel increase in oil inventories to 379.8 million barrels. For the second time in weekly records domestic production is at 7.9 million barrels per day while imports are at 7.7 million. These recent increases are due to the surge in domestic production and also seasonal slowing at refineries which are operating at 85.9 percent of capacity. Inventories of gasoline fell 1.8 million barrels in the week while distillate inventories rose 1.5 million.
The opening price on the E-mini S&P today was (1739.25). The lowest price of the day was (1734.75) at 2:25 p.m. Eastern time. The day’s high was hit at 10:05 a.m. Eastern time of (1742.50). In the week of October 11 oil inventories rose by 4.0 million barrels to 374.5 million. Oil imports remain steady at an 8.0 million barrel per day rate in the week. With the seasonal slow down, refineries are operating at 86.2 percent capacity vs. the low 90 percent rates during the summer. Gasoline and distillate inventories are down 2.6 million and 1.8 million barrels in the week respectively. With oil prices at the $100 level per barrel, it is now moving slightly slower following today’s report.