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The Ships didn't come in. Where did all the oil buyers and imports go? Consumers were making less and spending a bit more and pending home sales shot up the oil market did not know quite what to make about it. Consumers ships obviously have not come in but it seems neither did the some of the oil tankers. Oil prices were hesitant to move yesterday as the market took a breath after that explosive run. Oil Supplies which were expected to rise fell by 1.5 million barrels according to American Petroleum Institute data. The drawdown seem to be caused by imports which plunged by 50.9 million barrels last week. The API reported that gasoline supply rose by 2.1 million barrel which was more than expected and distillates by 1 million barrels to 157.9. Today the Department of Energy will release their data and we will see if those imports will somehow magically appear.
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