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 Huge Gasoline Build

Courtesy of ZeroHedge. View original post here.

Last week saw API and EIA disagree but WTI rallied into the API print tonight amid expectations for a 2.1mm crude draw. However, the biggest gasoline build since the first week of Jan sparked selling in both WTI/RBOB.

API

  • Crude -2.28mm (-2.1mm exp)

  • Cushing -1.038mm (-500k exp)

  • Gasoline +3.759mm – biggest build since the first week of January

  • Distillates -871k

After last week’s EIA data showed the exact opposite of API’s one wonders whether the extra noise is worthwhile (and who is correct), but the big surprise gasoline build will be the one to watch in tomorrow’s data…

The price advantage for crude from U.S. wells “just begs for more exports” of U.S. crude, said Bob Yawger, director of futures at Mizuho Securities USA Inc. in New York.

“People are looking at the talk of an increase from OPEC and especially thinking that the barrels will tend to compete in the Atlantic market with Brent, so that’s pushing Brent down,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts.

WTI rallied into the print – after testing two-month lows earlier in the day – but kneejerk’d modestly lower on the data before bouncing back to unchanged…before RBOB weakness dragged them both lower…


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!