Oil prices have roller-coastered since last night's API report of the biggest crude draw since September (hurricane-impacted), but kneejerked higher after DOE confirmed a big crude draw (though less than API), the largest since Dec 2016 and 8th weekly draw in a row. Distillates saw a surprise build, crude exports hit a record high, and production rose again to its highest since Aug 2015.
API
After last week's API (and subsequent DOE) inventory data sparked the latest hopeful pump higher in the energy complex, this week's API data disappointed. WTI and RBOB porices slipped lower after an unexpected crude build (+882k vs -2.67mm exp).
API
After last week's across the board inventory draws, Crude's build is a big surprise (the biggest since March)
Following API's surprisingly large drawdowns, DOE almost completely refuted it with an inventory build for gasoline and a very small draw for crude. WTI and RBOB prices dropped on the headlines, not helped by yet another increase in US crude production to cycle highs.
API
DOE
WTI and RBOB prices have drifted higher after modest weakness following API's inventory data overnight and then spiked after DOE reported a smaller than expected crude build, and bigger than expected gasoline and distillate draws. Following the lage rig count data, US crude production rose once again to its highest since Feb 2016.
API
DOE
After a sizable build in crude and draw in gasoline overnight from API, WTI and RBOB are lower (legged down on Libya production news). DOE data confirmed the API data with a sizable crude build and gasoline and distillates extending their draw streak. US crude production rose once again - the highest in 13 months.
API
DOE