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Crude settled sharply lower yesterday to the weakest level in two weeks losing almost 3%. The reason for the initial decline was undoubtedly further strengthening in the US dollar combined with a pullback in the Dow Jones following disappointing economic reports earlier in the week. Nevertheless the downward move was accentuated once the weekly inventories results were released. The EIA stats were interpreted as bearish with gasoline stocks showing a surprise gain of 1.6 mbs after two weeks in a row of draws compared with expectations of 1.1 mbs decline. Although gasoline was seen as the leader in pushing oil prices down, crude stocks rose 0.7 mbs also below the forecasts of 1.7 mbs increase.
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