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WTI Sinks After Surprise Crude Build

Courtesy of ZeroHedge. View original post here.

Despite UAE oil minister jawboning, WTI/RBOB was sold today heading into the API data and extended losses after crude showed a surprise build (+1.82mm vs -2.95mm exp). Cushing saw a massive destocking and RBOB was steady after gasoline showed a surprise draw.

API

  • Crude +1.82mm (-2.95mm exp)
  • Cushing -3.178mm – most since Sept 2009
  • Gasoline -1.529mm (+1.2mm exp)
  • Distillates +2.696mm (+200k exp) – biggest since July

Following last week's small crude draw and gasoline build, hope was high but API showed a surprise crude build (and surprise gasopline draw)…

The kneejerk reaction to the API was WTI lower and RBOB higher

“Everyone’s focus is on OPEC,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund, in a telephone interview. “The takeway is, it’s not going to be a clean nine-month extension and that’s why you are seeing downward pressure here. We know that the Russian oil companies are pushing back on extending this thing through all of next year.”


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