Having extended yesterday's losses on the back of API's unexpectedly large distillates inventory build, DOE data confirmed an even bigger crude inventory build (+2.276mm vs ~1.3mm build exp.), which contrary to seasonal patterns was the second build in a row, and 5 builds in the past 6 weeks. Gasoline drew down less than API reported and Distillates built considerably more than expected (+1.5mm vs +275k exp). While production slipped lower by 0.7%, crude prices tumbled on the inventory news, back down to $45.50.
API
DOE
- Crude +942k (+1.5mm exp)
- Cushing -620k
- Gasoline -1.6mm (-1.25mm exp)
- Distillates +3mm (+275k exp)
The crude breakdown by region:
- Crude +2.276mm (+1.3mm exp)
- Cushing -1.039mm
- Gasoline -691k (-1.25mm exp)
- Distillates +1.496mm (+275k exp)
- PADD1 20.259mbbl +0.143
- PADD2 151.032mbbl -1.403
- PADD3 275.55mbbl +2.911
- PADD4 26.974mbbl +0.243
- PADD5 52.055mbbl +0.381
And gasoline:Also notably, on a seasonal basis, Gulf Coast and East Coast crude stocks just hit reacord levels....
- PADD1 67.178mbbl -1.936
- PADD2 49.859mbbl +1.497
- PADD3 78.513mbbl +0.555
- PADD4 6.578mbbl -0.395
- PADD5 29.876mbbl -0.411
...MORE
