Oil: "WTI/RBOB Jump On Largest Crude Draw In 2017 Offset By Major Product Build, Rising Production "

WTI up 34 cents at $49.90.

From ZeroHedge:

WTI/RBOB prices were at the lows of the day after last night's huge surprise inventory data from API, but kneejerked higher after DOE reported a surprisingly large crude draw (the biggest since Dec 2016. However, it's clear that refineries are on fire as gasoline and distillates inventories surged by the most in at least 3 months. US crude production rose once again to its highest since August 2015.
API

• Crude +897k (-1.75mm exp)
• Cushing -1.971mm - largest since Feb 2014
• Gasoline +4.445mm (+500k exp) - largest since Jan 2016
• Distillates -36k

DOE

• Crude -3.64mm (-1.75mm exp) - biggest since 2016
• Cushing -1.203mm
• Gasoline +3.369mm (+500k exp) - biggest in 3 months
• Distillates +2.651mm (-1mm exp) - biggest since first week of Jan

As Bloomberg notes, the U.S. refining system is absolutely on fire: up another 347,000 barrels a day last week to 17.3 million barrels a day processing. It's huge. And that explains the major builds in products (gasoline/distilates) and surprise draw in crude...

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