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WTI Down, RBOB Up After Huge Gasoline Draw, Crude Build

Courtesy of ZeroHedge. View original post here.

API

  • Crude +5.66mm (+3mm exp)

  • Cushing -790k exp

  • Gasoline -4.536mm – biggest draw since Oct 2017

  • Distillates +1.487mm

Prices limped lower into the print, but WTI kneejerked lower and RBOB higher after the data…

“People are waiting to see: Will storage volumes point toward a tighter fundamental outlook?” said Gene McGillian, a market research manager at Tradition Energy in Stamford, Connecticut. “It does appear as if we need more evidence that the rebalance continues to really ignite a rally again.”


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