WTI/RBOB Slide After Oil Production Surge Offsets Biggest Crude Draw Since Sept

By Tyler Durden

Following last night’s mixed mesage from API (crude draw, gasoline build), WTI prices have gone nowhere as all eyes focus on DOE data this morning. Confirming API’s trend, crude saw its biggest draw since Sept 2016 but Gasoline, Distillates, and Cushing (most since March) saw builds which upset the machines and sent prices lower. Crude production rose once again to its highest since July 2015.

API

Crude -9.2mm (-3.38mm exp) – biggest draw since Sept 2016
Cushing +1.7mm (+700k exp) – biggest build since March
Gasoline +301k (-450k exp) – second weekly build in a row
Distillates -2.1mm (-250k exp)

DOE

Crude -8.945mm (-3.38mm exp) – biggest draw since Sept 2016
Cushing +678k (+700k exp) – biggest build since March
Gasoline +22k (-450k exp)
Distillates +702k (-250k exp)

Last week’s surprise build in gasoline (confirmed by API) and big draw in crude (also confirmed by API overnight) remains the big focus and DOE data confirmed it with the biggest crude draw since Sept 2016 but builds in products and at Cushing…

While the builds in produst were modest, they were nevertheless a surprise shift in trend from draws to builds…

Imports from Saudi Arabia jumped 47 percent to 813,000 barrels a day, but remain well under the 1-million barrel figure exceeded through …read more

Source:: ZeroHedge