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 (-2.95mm exp)
- Cushing -3.178mm - most since Sept 2009
- Gasoline -1.529mm (+1.2mm exp)
- Distillates +2.696mm (+200k exp) - biggest since July
DOE
- Crude -3.43mm (-2.95mm exp)
- Cushing -2.914mm - biggest draw since Spet 2008
- Gasoline +3.63mm (+1.2mm exp) - biggest build since July
- Distillates (+200k exp) - biggest buils since Jan
DOE data showed the exact reverse of API with big surprise draw in crude and build in gasoline...
US crude production rose 24k b/d - to a new record high...
WTI was lower and RBOB higher heading into the DOE data but the trend reversed after on the surprise bearish product builds...