I haven't changed my view on things yet and haven't started buying ADI yet either.........
The weekly oil inventory report came out in the USA and despite the data being bad, it is basically the only data we have to go by, it had a some interesting items.
The report showed that the blending components of the gasoline inventory went up by 1.9 million barrels and now sits at 143.4 million barrels compared to the regular gasoline inventory of 79.7 million.
What are they going to do with it all? That's a lot of alcohol and a huge waste of resources.
The most important part of the report, IMO, has to do with the distillate inventory which just keeps growing and indicates that the US industrial sector is weak.
Total inventory (ex SPR) went up by 11 million barrels during the week from 1049 to 1060 million.
ADI Price at posting:
25.5¢ Sentiment: Buy Disclosure: Held
