The kneejerk reaction drop in WTI/RBOB overnight on API data was rapidly unwound ahead of today’s DOE data and spike further as data showed a smaller than expected crude build (and smaller than API). However, US Crude production surged to new highs once again.
Crude +3.947mm (+3.05mm exp)
Cushing -2.319mm (-1.7mm exp)
Crude +1.84mm (+3.1mm exp)
Cushing -3.62mm (-1.7mm exp)
Gasoline +3.59mm (+1.8mm exp)
3rd weekly Crude build in a row (but lower than expected), but gasoline saw a much bigger than expected build as refinery runs slowed…
As Bloomberg notes, last week’s refining jump was a blip after all. Gross inputs fell almost 500,000 barrels a day and utilization rates sank back to 89.8%, more in line with what you’d expect this time of year.
Cushing Stocks are at their lowest since January 2015…
Crude Production rose once again +20k to new record highs…
Pushing past Saudi Arabia and eyeing Russia…
WTI/RBOB prices had recovered much of the API tumble ahead of the DOE data then spiked as it hit…