WTI closed lower on the day as the USD ticked up ahead of API inventory data that showed inventory builds across the board, sending prices marginally lower.
API
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Crude +38k (-1.49mm exp)
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Cushing +130k (+50k exp)
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Gasoline +21k
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Distillates +982k
The flip-flopping crude draw/build continued last week with an unexpected build. In fact we saw builds across the board…
WTI dipped on the unexpected builds across the board…
“The market is shaking off some of the excitement of the Mexico free trade deal,” said Phil Flynn, senior market analyst at Price Futures Group Inc. in Chicago.
Also, “there is a concern that maybe we’ll see an increase in inventories today as opposed to the expectation of a slight draw. People are all over the board on this inventory report.”
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