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WTI/RBOB Shrug At Bigger Than Expected Crude Draw

WTI/RBOB faded back from yesterday's Libya pipeline headline-driven exuberance ahead of tonight's API inventory data. A bigger than expected crude draw held WTI prices steady but RBOB faded very modestly after API showed a notable gasoline (and distillates) build.   API Crude -6mm (-3.75mm exp) Cushing -1.3mm (-590k exp) Gasoline +3.1mm Distillates +2.8mm Heading into […]

WTI/RBOB Algos Confused As Crude Draws, Gasoline Builds, & Production Jumps Again

WTI/RBOB held gains overnight following API's reported crude draw (despite the gasoline glut) but after DOE confirmed a 5th weekly crude draw and 6th weekly gasoline build, algos were confused with prices chaotic. Production hit a new record high. North Sea and Canadian crude supply disruptions are suppressing U.S. imports and encouraging exports. API Crude […]

WTI/RBOB Extend Gains After Bigger Than Expected Crude Draw

WTI/RBOB inched higher on the day ahead of tonight's API data and then knee-jerked higher as the data showed a much-bigger-than-expected 5.2mm crude draw.   API Crude -5.2mm (-440k exp) Cushing +70k Gasoline +2.001mm (+2.45mm exp) Distillates -2.85mm (+250k exp) A very mixed bag as the series of crude draws continues and gasoline builds… This […]

WTI/RBOB Steady Despite Huge Gasoline Build, New Crude Production Record

Despite last night's surprisingly large API-reported crude draw, WTI/RBOB prices were sliding in early trading but as the DOE data printed prices stabilized despite a smaller crude draw than API and a much bigger gasoline builds than expected. Production surged on the week to a new record high. Bloomberg's Mitch Martin noted that the Brent […]

WTI/RBOB Sink On Massive Product Inventory Builds

A relatively stable day in energy markets as many other markets turmoiled, but as tonight's data hit, both WTI/RBOB kneejerked lower after API showed massive product inventory builds (despite a big crude draw).   API Crude -5.48mm (-2.5mm exp) Cushing -1.95mm (-2.4mm exp) Gasoline +9.196mm – biggest build since Jan 2016 Distillates +4.259mm – biggest […]

RBOB Fades On Surprise Product Build, New Record High Production

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.   API Crude +1.82mm […]

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

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… *  *  * 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 […]

WTI Sinks After Surprise Crude Build

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 […]

WTI/RBOB Slide After Smaller Than Expected Crude Draw, New Record High Production

With WTI at its highest since July 2015, vol at 8mo lows, and the front-end flipped into backwardation for the first time since Nov 2014, it appears a lot of hope is priced into continued equlilibration (and OPEC). Last night's API (crude draw) provided some more confirmation but this morning's DOE data disappointed with a […]

WTI/RBOB Slide On Surprise Build As US Crude Production Hits New Record High

WTI/RBOB extended yesterday's IEA-driven losses after a big crude build reported overnight by API, and DOE did nothing to assuage that with a 1.85mm crude build (admittedly smaller than API's projected 6.5mm, but notably different from the 2.4mm draw expected), Gasoline also surprised with a build and WTI/RBOB extended losses. Additionally US Crude production rose […]

Global Stocks Tumble, Asia Plunges On Chinese Commodity Carnage

The euphoria of the past month has ended with a thud and BTFDers are strangely missing as the commodity chill out of China (which overnight became full blown carnage), has unleashed a global risk-off phase ahead of today’s critical CPI data, resulting in broad and sharp selling across global markets, as European stocks followed declines […]

Bank Stocks, Dollar Slide Hit By Fresh Tax Reform Doubts

U.S. equity futures are little changed as European and Asian shares retreated, led by sliding bank stocks and a drop in the dollar as doubts over republican tax cuts and ongoing bond curve flattening hurt sentiment and prompted fresh questions over the viability of the US expansion. Investor concerns also returned to geopolitics as Trump […]

WTI/RBOB Sink As Inventory Draws Disappoint

WTI/RBOB held on to gains overnight following major draws reported by API and more OPEC jawboning (this time from UAE), but the DOE data disappointed compared to API's huge draws with Crude and Gasoline drawing down but considerably less than API reported (and Distillates barely drawing down at all). Bloomberg Intelligence energy analyst Fernando Valle: […]

WTI/RBOB Jump After Major Inventory Draws Across Entire Energy Complex

WTI posted a 5.2% gain in October, the first back-to-back monthly advance this year, and held up near the highs of the day into the API print. WTI/RBOB kneejerked higher as the data hit showing large inventory draws across everything…   API Crude -5.087mm (-1.3mm exp) Cushing -263k Gasoline -7.697mm (-1.55mm exp) Distillates -3.106mm Big […]

WTI Jumps Despite Surprise Inventory Build, Production Rebound

Following last night's (API-reported) big product draws (and crude build), WTI slid lower (RBOB higher) into this morning's DOE data, but both WTI/RBOB prices jumped after the report showed major product draws (and a Cushing destocking). WTI rallied despite a big surprise build (+856k vs -3mm exp) and a major rebound in production after Hurricane […]