WTI and RBOB prices have drifted higher after modest weakness following API's inventory data overnight and then spiked after DOE reported a smaller than expected crude build, and bigger than expected gasoline and distillate draws. Following the lage rig count data, US crude production rose once again to its highest since Feb 2016.
API
- Crude +1.91mm (+2mm exp)
- Cushing -576k
- Gasoline -1.104mm (-2mm exp)
- Distillates -2.035mm
DOE
- Crude +867k (+2mm exp)
- Cushing -220k (+1mm exp)
- Gasoline -3.747mm (-2mm exp)
- Distillates -2.483mm (-1.2mm exp)
The trend of gasoline and distillate draws contoinue and a much smaller than expected build in crude was a surprise…
Cushing's draw holds it just below record highs. While Distillate inventories have come down a long way from the nearly six-year high of 170.75 million barrels we saw in early February, Total Crude Inventories rose to another record high…
Production continues to trend higher (highest since Feb 2016)with the lagged rig count…
WTI and RBOB prices moved higher from overnight lows following API data, then spiked on the DOE data…
via http://ift.tt/2o7mfYU Tyler Durden