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WTI/RBOB Slide As Crude Production Hits 20-Month High, Cushing Glut Hits Record High

WTI/RBOB Slide As Crude Production Hits 20-Month High, Cushing Glut Hits Record High

zerohedge.com / by Tyler Durden / Apr 12, 2017 10:41 AM

WTI/RBOB prices slipped ahead of DOE data as Canada’s growth outlook cut trumped Saudi Arabia’s wishy-washy chatter on production cuts. DOE data confirmed the biggest crude draw of 2017 (-2.16mm) and gasopline and distilates saw the 8th week in a row of drawdowns but Cushing’s 276k build pushed it to a new record high as US crude production rose once again to its highest sine August 2015.

API

  • Crude -1.3mm (-1.5mm exp) – biggest draw since 2016
  • Cushing +358k (+800k exp)
  • Gasoline -3.7mm (-1mm exp)
  • Distillates -1.6mm (-1mm exp)

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