WTI/RBOB rallied into the inventory data as expectations were for a seventh straight week of crude draws and gasoline builds. API confirmed the streak is alive and saw a 4.27mm build in distillates – the biggest weekly build since June 2017.
API
- Crude -4.992mm (-5mm exp)
- Cushing -2.11mm
- Gasoline +1.87mm (+2mm exp)
- Distillates +4.272mm (+500k exp) – biggest build since Jun 2017
The trend of crude draws and gasoline builds continues for the 7th straight week…
WTI/RBOB ramped higher today ahead of the API data and extended gains after…
The market hasn’t been able to push prices much higher in the last few days “so we’re looking for an argument to sell some of these longs, but that depends on the outcome of the inventory data,” said ABN Amro senior energy economist Hans van Cleef. “We’re still positive, especially for the second half of the year, but in the near-term I would not advise to buy at this moment”
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