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WTI Rebounds, Shrugging Off Another Big Gasoline Stock Build

Courtesy of ZeroHedge View original post here.

Oil prices have pumped and dumped overnight, back to unchanged, after API reported a bigger than expected crude draw and much bigger than expected gasoline build that confused the algos.

API

  • Crude -3.5mm (-994k exp)

  • Cushing -378k

  • Gasoline +4.81mm- biggest build since April 2020

  • Distillates -487k

DOE

  • Crude -6.645mm (-994k exp, -2.5mm whisper)

  • Cushing -658k

  • Gasoline +4.259mm

  • Distillates -1.732mm

Crude stocks fell more than expected (for the 3rd week in a row) but gasoline inventories continued their almost 6-week streak of builds..

Source: Bloomberg

Gasoline Demand weakness lingers…

Source: Bloomberg

Crude production has been flat to slightly lower as prices and rig counts have risen recently suggesting some capital discipline among drillers.

Source: Bloomberg

WTI was hovering near the lows of the day around $58.20 ahead of the data drop and spiked on the bigger than expected crude draw…

“Oil prices continue to grind higher on the combination of tight supply, a weak dollar and overall positive risk sentiment,” said Jens Pedersen, a senior analyst at Danske Bank.


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