Oil Algos Confused As Huge Gasoline Draw Trumps Crude Build

WTI dipped today after The IMF lowered their global growth forecast and Putin said Russia is comfortable with current prices and not yet ready to say whether it wants to extend output curbs it orchestrated with OPEC.

Investors have “reasonable excuses” to break their stride and take profits, said Kyle Cooper, a consultant at Ion Energy Group in Houston. “The market’s taking a little bit of a pause after what’s still been a very, very substantial rally.”

API

  • Crude +4.09mm (+2.5mm exp)

  • Cushing -1.3mm

  • Gasoline -7.1mm – biggest draw since Sept 2017

  • Distillates -2.4mm

A third weekly build in crude stocks in a row was trumped by a major gasoline inventory drawdown

 

WTI hovered around $64 ahead of the API print but despite the larger than expected build, prices popped modestly on the big draw in gasoline…

 

via ZeroHedge News http://bit.ly/2Vxt7fP Tyler Durden

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