Dollar strength sparked WTI/RBOB weakness on the day but a bigger than expected crude build reported by API did nothing for futures which, after an initial drop, popped back to practically unchanged.
API
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Crude +3.427mm (+1.23mm exp)
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Cushing +725k
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Gasoline +1.062mm
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Distillates -4.083mm
The crude build would be largest since early March (and biggest distillates draw since early March) if EIA data confirms it…
WTI/RBOB price action was minimal around the data (RBOB maybe slightly lower)…
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