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WTI Slides After Disappointing Crude Draw & Production Surge

WTI Slides After Disappointing Crude Draw & Production Surge

zerohedge.com / by Tyler Durden / Aug 2, 2017  10:41 AM

WTI prices dumped on last night’s surprise crude build but have limped back above $49 heading into the DOE prints this morning (although Russia sanctions headlines dipped it). DOE did not help as the report was a disappointment for the bulls with production rising to a new cycle highcrude inventories drawing less than expected but total U.S. oil inventories (that’s crude plus all products, including the often volatile “other oil” category) rose by 1.1 million barrels last week.

API

  • Crude +1.78mm (-3.1mm exp)
  • Cushing +2.562mm (-700k exp)
  • Gasoline -4.827mm (-1mm exp)
  • Distillates -1.225mm

DOE

  • Crude -1.53mm (-3.1mm exp)
  • Cushing -39k (-700k exp)
  • Gasoline -2.52mm (-1mm exp)
  • Distillates -150k

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