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WTI Pops Back Above $52 On Unexpected Crude Draw

Courtesy of ZeroHedge. View original post here.

WTI is hovering around $52 as all eyes are watching API's data to gain inisght into how fast refiners are coming back on line. The previous week saw the trend of crude builds and product draws continue but last week crude actually drew down (against expectations of a build), gasoline built (against expectations of a draw and Cushing stocks rose most in 6 months.

API

  • Crude -761k (+3.1mm exp) – first draw since August
  • Cushing +1.064mm – biggest build in 6 months
  • Gasoline +1.47mm (-750k exp) – biggest build in 7 weeks
  • Distillates -4.527mm

As US refinery outages continue to fall so it appears we are starting to normalize post-Harvey with Crude drawing and gasoline building…notably, biggest Cushing build in 6 months

WTI was hovering just below $52 ahead of API and kneejerked above $52 on the print, RBOB faded lower…


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