Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

WTI Lifts Towards $48 After Biggest Crude Inventory Draw Since September

Courtesy of ZeroHedge. View original post here.

WTI slipped back to almost a $46 handle today before bouncing modestly into the close ahead of tonight's API report, with all bullish eyes hoping last week's surprise gasoline build was a 'blip'. API reported a much larger than expected crude draw (biggest since Sept 2016) and while WTI rallied on the print, it was a very modest move (that for now failed to achieve $48) as we suspect the fact that gasoline saw another surprise build weighed on sentiment.

API

  • Crude -9.2mm (-472k exp) – biggest draw since Sept 2016
  • Cushing +1.7mm (+700k exp)
  • Gasoline +301k (-450k exp) – second weekly build in a row
  • Distillates -2.1mm (-250k exp)

Last week's surprising gasoline inventory build was overwhelmed by a much larger than expected crude draw reported by API… and the same appears to have happened this week – big crude draw, modest gasoline build…

Additionally, the DOE confirmed it will sell 14 million barrels of crude from the SPR later this month.

WTI was hovering around $49 ahead of last week's API data and is hovering just above $47 into today's print… futures rose very modestly as the crude draw exuberance was offset by the gasoline build.

“As much as oil inventories have been coming down in the U.S., which is something that is seasonally normal, the fact that U.S. shale production is very resilient and is again confirmed by this EIA Drilling Productivity Report, that is something that is weighing on the market’s mind,” says Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas told Bloomberg.


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!