WTI/RBOB Jump After Biggest Crude Draw Since September

Libya production updates and weak economic data weighed on crude ahead of the API print tonight but as the data hit showing a bigger than expected crude draw (8th week in a row), both WTI and RBOB jumped higher. This was the biggest crude draw since Sept 2016.

 

API

  • Crude -8.67mm (-3mm exp)
  • Cushing -753k
  • Gasoline -1.726mm (-1.5mm exp)
  • Distillates +124k

If this holds for tomorrow's DOE data, this is the 8th weekly crude draw in a row (and this week's 8.67mm draw is the largest since Sept 2016)

 

We suspect month-end squaring also weighed on markets today but the bigger than expecte draws sent both WTI and RBOB higher in the after market…

via http://ift.tt/2qBTUbn Tyler Durden

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