Following last night's surprisingly large draw from API (-7.6mm vs +1.5mm exp), DOE reported a smaller 2.976mm draw (but still a draw). Cushing saw a bigger than expected (and API) build but Gasoline stocks rose less than expected (and API). Crude production fell modestly week-over-week, but hoveres around 8.5mm b/d. Crude prices dropped, then ramped towards $50...
- Crude -7.6mm (+1.5mm exp)
- Cushing +400k (+100k exp)
- Gasoline +2mm (+500k exp)
- Distillates -1.3mm
- Crude -2.976mm (+1.5mm exp)
- Cushing +569k (+100k exp)
- Gasoline +222k (+500k exp)
- Distillates -1.915mmThis is the 5th weekly draw in a row for Crude... at a time seasonally when inventories build...US Crude inventories dropped back below 500mm...
But still a long way to go...
And on a week in which OPEC claimed to have agreed to a deal to cap production at some point in the future, US production slipped 0.35% on the week but remains stuck at around 8.5mm b/d...
- * Crude 147.1 million barrels above the five-year average for Sept. 30
- * Gasoline 15.7 million barrels also above
- * Distillates 25.5 million barrels also above