WTI (and RBOB) prices slid lower into the NYMEX close ahead of API's report tonight that showed further major builds in crude and products. Crude saw inventories rise 5.83mm barrels last week – the most since the end of October and while Cushing saw its 4th weekly draw in a row, Gasoline and Distillates both saw major builds.
- Crude +5.83mm (+3mm exp)
- Cushing -906k (-700k exp)
- Gasoline +2.86mm
The crude build is the biggest since October. This is the 5th weekly build in Gasoline in a row…
And despite WTI's seeming magnet to $53, the API data pushed both crude and RBOB lower…
The market “is starting to pay some attention to the fundamentals. It’s hard not to see U.S. production slowing down the impact of OPEC,” James Williams, an economist at London, Ark.-based energy-research firm WTRG Economics, says by phone