Oil prices are trying to find a footing and the current up-and-down being seen around $50 for Brent and $47 for WTI is indicative of that. WTI prices are slightly higher this morning, despite another large inventory build reported by the API last night. The distillate fuel category did show a decline, however, and there was a precipitous drop shown in the overall refinery utilization rate. There were several refinery snags that likely exaggerated the decline during the reporting period. Still, what has not changed is the growing surfeit of crude oil in storage and the torrid pace of production.
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