Following Genscape's 1.4mm build estimate at Cushing, and expectations of a 1.1mm build, API reported a 1.46mm build. Chatter across trading desks was that API data had been leaked and that is what drove oil prices higher (after their Genscape-driven dump) which proved 100% incorrect as total crude inventories soared a shocking 3.5mm barrels (against expectations of no change) – the most in 5 weeks. Gaosline built less than expected and Distillates saw a draw but the damage was done and prices of WTI started to give back the days gains.
API
- Crude +3.45mm (Exp unch)
- Cushing +1.46mm (+1.1mm exp)
- Gasoline +271k (+710k exp)
- Distillates -1.36mm
The biggest weekly build in 5 weeks…
Which spoiled the party in crude…
Charts: Bloomberg
via http://ift.tt/24LvWfq Tyler Durden