Crude Inventories Build More Than Expected While Distillates Fall
MLV & Co. senior energy analyst Michael Peterson says it's important to remember weather events are regional, and despite the Northeast United States' extreme cold, the recent inventories report shows that crude is a global trade.
Crude inventories gain by 3.3 million barrels, which was more than economists' expectation of a 2.6 million build. MLV Co. senior energy analyst Michael Peterson tells TheStreet's Joe Deaux it's important to remember weather events are regional, and despite the Northeast United States' extreme cold, the recent inventories report shows that crude is a global trade. Peterson says he's keeping an eye on OPEC, which he think has put decent controls on outputs.
