WTI has rallied since last night’s API-reported surprise crude draw, but remains drastically lower even from yesterday’s highs.
President Trump’s tweet thanks Saudi Arabia for lower oil prices one day after announcing the U.S. won’t let the murder of a journalist jeopardize relations with the kingdom, slowed the momentum a little.
“Another week of inventory builds would most certainly push oil prices down further, as market concerns over waning demand growth intensify,” says Cailin Birch, global economist at The Economist Intelligence Unit
API
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Crude -1.545mm
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Cushing +398k – 9th week in a row
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Gasoline +706k
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Distillates -1.823mm – 9th week in a row
DOE
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Crude +4.85mm (+3.45mm exp) – 9th week in a row
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Cushing -116k
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Gasoline -1.295mm (+100k exp)
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Distillates -77k – 9th week in a row
Reversing the gains from API’s reported draw, DOE reported a bigger than expected crude build – the 9th weekly build in a row. Distillate inventories drewdown for the ninth week in a row and Cushing’s streak of rising stocks ended…
Production was unchanged at record highs on the week.
The kneejerk reaction was to erase the post-API gains…back to a $53 handle…
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