Distillate Inventories Post Huge Draws on Harsh Winter Weather
Paramount Options President Ray Carbone says WTI crude oil prices could be stuck in a $92 to $100 a barrel trading range for the next few weeks.
Crude oil inventories build by 440,000 barrels and distillates draw 2.4 million. Paramount Options President Ray Carbone tells TheStreet's Joe Deaux there weren't any surprises in Wednesday's EIA petroleum status report and WTI crude oil prices could be stuck in a $92 to $100 a barrel trading range for the next few weeks. The large draw in distillates due to a colder-than-typical winter came as little surprise to Carbone, who says that the trend may continue through the month.
