WTI/RBOB prices chopped around today, but drifted lower into the API data which shocked both ways. A larger than expected crude build sparked WTI selling and the biggest gasoline draw since October sparked RBOB gains.
API
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Crude +5.66mm (+3mm exp)
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Cushing -790k exp
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Gasoline -4.536mm – biggest draw since Oct 2017
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Distillates +1.487mm
Prices limped lower into the print, but WTI kneejerked lower and RBOB higher after the data…
“People are waiting to see: Will storage volumes point toward a tighter fundamental outlook?” said Gene McGillian, a market research manager at Tradition Energy in Stamford, Connecticut. “It does appear as if we need more evidence that the rebalance continues to really ignite a rally again.”
via Zero Hedge http://ift.tt/2HeA2mp Tyler Durden