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/RBOB Drop After Smaller-Than-Expected Gasoline Draw, Big Crude Production Rebound

Courtesy of ZeroHedge. View original post here.

API data (smaller than expected build) and a weaker dollar have supported WTI overnight but as the DOE data hits, we are reminded that the impact from hurricane season lingers. WTI/RBOB prices kneejerked lower after DOE reported a bigger than expected crude build and a gasoline draw that was considerably smaller than API's reports. Crude production continues to rebound back near cycle highs.

API

  • Crude +1.43mm (+3.9mm exp)
  • Cushing +420k (+900k exp)
  • Gasoline -5.063mm (-2.13mm exp)
  • Distillates-6.13mm

DOE

  • Crude +4.59mm (+3.9mm exp)
  • Cushing +703k (+900k exp)
  • Gasoline -2.13mm (-2.13mm exp)
  • Distillates -5.693mm (-1.95mm exp) – biggest since Nov 2011

A big Distillates draw (most since Nov 2011) is being ignored for now as gasoline's draw was considerably less than API reported and crude's build more than expected…

Distillates stockpiles are now lower than the five-year average and totals are at the lowest level since July 2015.

As Bloomberg's Laura Blewitt notes, as expected, refinery runs rocketed up last week. Both crude inputs and gross oil inputs rose by the most since 2008 as Gulf Coast refiners got back online.

Production continues to rebound as more of Texas comes back online (despite the stagnation of oil rig counts)…

Heading into the DOE print, WTI was higher and RBOB lower since API (helped by a slightly weaker dollar) but both weakened on the DOE print kneejerk…


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!