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WTI/RBOB Sink After Surprise Gasoline Build, Crude Production Hits 20-Month Highs

WTI/RBOB Sink After Surprise Gasoline Build, Crude Production Hits 20-Month Highs

zerohedge.com / by Tyler Durden / Apr 19, 2017 10:37 AM

Following API’s surprise gasoline build (and small crude draw), DOE confirmed concerns with a surprise build in gasoline inventories. Crude inventories drew down for the 2nd week in a row. WTI prices slipped though as production rose to its highest since Aug 2015.

API

  • Crude -840k (-1.4mm exp)
  • Cushing -672k
  • Gasoline +1.374mm (-2mm exp)
  • Distillates -1.8mm

DOE

  • Crude -1.034mm (-1.4mm exp)
  • Cushing -778k (+175k exp)
  • Gasoline +1.542mm (-2mm exp)
  • Distillates -1.955mm (-1mm exp)

Crude inventories dropped for the second week in a row but gasoline saw the first build in 9 weeks…

Crude Production continues to trend higher with lagged rig counts. Production is now at its highest since Aug 2015.

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