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WTI/RBOB Spike On OPEC Headlines After Bearish Inventory/Production Data

Courtesy of ZeroHedge. View original post here.

Update: WTI/RBOB was fading after DOE data but then Kuwait dropped the following meaningless headline: OPEC JMMC RECOMMENDS EXTENSION, DIDN'T FINALIZE DURATION. And the algos took over…

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Last night's API-reported surprise crude build sparked selling that not even Russia/Saudi jawboning could rescue, but DOE data showed the exact opposite with a big crude draw and even bigger gasoline draw. Added to a new record high in US crude production and RBOB is fading and WTI is not rallying.

As Bloomberg reports, the U.S. has proven at least one thing this year with its expansion of crude and products exports: we are becoming more energy independent than ever before.

Last week net imports of all crude and refined products dipped to a new record low.

That's coupled with record-high gasoline exports, a truly spectacular sea change in our world's oil flows.

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

DOE

  • Crude -3.43mm (-2.95mm exp)
  • Cushing -2.914mm – biggest draw since Sept 2009
  • Gasoline +3.63mm (+1.2mm exp) – biggest build since July
  • Distillates  (+200k exp) – biggest buils since Jan

DOE data showed the exact reverse of API with big surprise draw in crude and build in gasoline… Additionally Cushing saw the biggest destocking since Sept 2009 last week…

US crude production rose 24k b/d – to a new record high…

Gasoline exports hit a record high…

WTI was lower and RBOB higher heading into the DOE data but the trend reversed after on the surprise bearish product builds…


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