Following last night's API reported surge in product and Cushing inventories, DOE confirmed massive builds in Cushing (biggest since March 2015) and Distillates (biggest since Jan 2016). Of course, with all eyes on Vienna the price action is tough to discern. Production rose very modestly.
API
- Crude -717k (+577k exp)
- Cushing +2.3mm (+26k exp) – biggest since Mar 2015
- Gasoline +3.36mm (+1.19mm exp) – biggest since Jan 2016
- Distillates +2.24mm (+1.45mm exp) – biggest since Sept 2016
DOE
- Crude -884k (+577k exp)
- Cushing +2.419mm (+26k exp) – biggest since Mar 2015
- Gasoline +2.097mm (+1.19mm exp)
- Distillates +4.957mm (+1.45mm exp) – biggest since Jan 2016
While overall crude inventories dropped very modestly for the 2nd week, the huge builds at Cushing (and in Distillates) are a concern…
Stockpiles of crude in Padd 1, the East Coast, fell in a big way, dropping 3.33 million barrels to 14 million, the least in more than a year.
Crude production rose very modestly on the week, continuing to track rig counts with a lag…
Price action post-DOE is mixed…
via http://ift.tt/2fLFajD Tyler Durden