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!

RBOB Stable at 2-Year Highs After Big Crude Draw, Surprise Gasoline Build

Courtesy of ZeroHedge. View original post here.

RBOB gasoline closes at a 2-year high (and WTI tested down to a $45 handle) as all attention is focused on the duration and impact of the storm (and how long refineries will be closed). Tonight's API data should not be market-moving since it relates to data from before Harvey but showed a big crude draw and modest (surprising) gasoline build once again.

API

  • Crude -5.78mm (-1.75mm exp)
  • Cushing +582k (+200k exp)
  • Gasoline +476k (unch exp)
  • Distillates -486k

Big crude draw and surprising gasoline build repeats a pattern we have been seeing for a few weeks…

“Concerns remain over the duration of the storm and how long these refinery outages will last, ” Rob Thummel, managing director and portfolio manager at Tortoise Capital Advisors, which manages $16 billion in energy-related assets, tells Bloomberg.

Motiva, the largest U.S. refinery, is running at 60% capacity; Valero Port Arthur is said to shut 2 units, while Exxon Beaumont is said to shut on flooding and Marathon Galveston Bay is also said shutting on storm issues.

“If you are going to reduce the rates of the U.S.’s largest refinery, that will have an impact,” Thummel warns.

Frankly, tonight's API data should not move markets as the impact of storm massively dominates the marginal shift in inventory estimates… but of course, the machines will want to push the market around. WTI limped higher and RBOB barely budged.


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!