Cameron Hanover – Daily Energy Hedger – August 19, 2010

We had a mixed session on Wednesday, with crude oil and heating oil prices lower and gasoline prices higher for September and October deliveries, but lower in deferred months. Judging from the close, one might be inclined to believe that we had bearish DOE figures for crude and heating oil and supportive figures for nearer deliveries of gasoline.

Of course, it is rarely that easy and in the case of this week’s DOE report, it was not that cut and dried. Gasoline stocks were lower, but just by a small amount. Analysts had been expecting a larger drawdown. And refinery utilization increased, suggesting more supply in the pipeline – nearby – but possibly not necessarily longer-term higher.