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WTI/RBOB Extend Losses After Smaller Crude Draw; Production Plunged

WTI/RBOB Extend Losses After Smaller Crude Draw; Production Plunged

Both WTI/RBOB are fading into this morning's data after API's massive crude draw print. DOE disappointed with a mere 4.95mm draw (vs 11.2mm draw from API) as gasoline inventories built for the 9th week in a row. However, production plunged almost 3%.

Bloomberg Intelligence Senior Energy Analyst Vince Piazza noted that U.S. oil inventories typically build this time of year, but refineries are chugging away and focusing on West Texas intermediate instead of higher-priced Brent. The North Sea grade's price remains elevated, reflecting tensions in the Middle East.

API
  • Crude 11.19mm (-421k exp) - biggest draw since Sept 2016
  • Cushing -2.156mm (-1.5mm exp)
  • Gasoline +4.685mm (+3.25mm exp)
  • Distillates +4.635mm (+2.25mm exp)
 
DOE
  • Crude -4.95mm (-3.75 exp)
  • Cushing -2.4mm (-1.5mm exp)
  • Gasoline +4.13mm (+3.25mm exp)
  • Distillates +4.25mm (+2.25mm exp)
8th week in a row of crude draws and gasoline builds, but the crude draw was considerably lower than API predicted...



Notably Cushing stockpiles are below their 5year average for the first time since Jan 2015...


 
Overall, US crude stockpiles are nearing the five-year average after three years above that level...

Continued: https://www.zerohedge.com/index.php/new ... 1-10/wti-2