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WTI Shrugs Despite Huge Crude Draw

A v-shaped recovery in WTI/RBOB today (amid a dollar reversal at the EU close and chatter about a big crude draw) led prices higher into the API print (but after last week's 100% incorrect API vs DOE reversal, who knows what it means). And the rumors were true - a huge crude draw (biggest in 2 months) and the first build at Cushing in 8 weeks. However WTI prices didn't move much as product builds weighed on RBOB prices.

 

API

  • Crude -7.13mm (-3.2mm exp) - bigget draw in 2 months
  • Cushing -151k - first draw in 2 months
  • Gasoline +1.951mm (+1.05mm exp)
  • Distillates +1.644mm - biggest in 3 months

After last week's 100% wrong API data (API crude build, gas draw; DOE crude draw, gas build), who knows what will happen.

 

Early weakness (strong dollar and weak IP) rebounded after Europe closed and the dollar sold off, leaving WTI/RBOB at its highs ahead of API. The initial reaction was RBOB lower and WTI higher...