Following last night's API-reported huge product inventory builds, bulls were hoping DOE would rescue WTI/RBOB prices but it did not as the dat confirmed a huge crude draw and even bigger product build (gasoline's biggest weekly build since January). Adding to the pain, US crude production rose to another new record.
A gasoline build is likely as “refineries have been running very high, so it’s pretty natural,” James Williams, president of energy researcher WTRG Economics, says, adding that investors will also look to see the magnitude of a potential drop at Cushing....MORE
- Crude -5.48mm (-2.5mm exp)
- Cushing -1.95mm (-2.4mm exp)
- Gasoline +9.196mm - biggest build since Jan 2016
- Distillates +4.259mm - biggest build since Jul 2017
Confirming API's data, DOE showed a major crude draw, big drop at Cushing but major builds in products...
- Crude -5.61mm (-2.5mm exp)
- Cushing -2.753mm (-2.4mm exp)
- Gasoline +6.78mm (+2.56mm exp) - biggest build since Jan 2017
- Distillates +1.667mm
Tough day to be long commodities: