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WTI/RBOB Drop After Harvey Prompts US Crude Production Collapse, Biggest Inventory Build In 6 Months

WTI/RBOB Drop After Harvey Prompts US Crude Production Collapse, Biggest Inventory Build In 6 Months

zerohedge.com / by Tyler Durden / Sep 7, 2017 11:11 AM

Last night’s first glimpse of Harvey’s impact on energy confirmed a sizable crude build but only modest gasoline draw. WTI/RBOB prices slid into the DOE print and extended losses (after a quick kneejerk higher) following a bigger than expected crude build (+4.58mm vs +4mm exp). Gasoline and Distilates saw bigger draws than API reported but it was the collapse in Lower 48 crude production that stood out with most of Texas offline.

API

  • Crude +2.79mm (+4mm exp) – biggest build in 5 months
  • Cushing +669k (+1mm exp)
  • Gasoline -2.544mm (-5.2mm exp) – biggest draw in 6 weeks
  • Distillates -610k

DOE

  • Crude +4.58mm (+4mm exp) – biggest build in 5 months
  • Cushing +797k (+1mm exp)- biggest build in 5 months
  • Gasoline -3.20mm (-5.2mm exp)- biggest draw in 2 months
  • Distillates -1.396mm

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