Distillates

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

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.

WTI/RBOB Tumble After Surprise Crude, Gasoline Builds

After dropping to a $48 handle, WTI bounced off its 200DMA, but remains well down from last week's levels before the DOE-reported surprise gasoline build. The initial kneejerk reaction lower in WTI/RBOB after API reported an unexpected crude build and yuuge gasoline build.

WTI/RBOB Tumble After Unexpected Build In Gasoline Inventories

Despite last week's unexpected crude draw (and product draws) WTI/RBOB has faded since (even with a lower dollar) as OPEC production cut questions trump inventories for now. However, prices tumbled immediately after API report a smaller than expected draw in crude (-840k) and an unexpected build in gasoline (+1.37mm) .

WTI/RBOB Slide As Crude Production Hits 20-Month High, Cushing Glut Hits Record High

WTI/RBOB prices slipped ahead of DOE data as Canada's growth outlook cut trumped Saudi Arabia's wishy-washy chatter on production cuts. DOE data confirmed the biggest crude draw of 2017 (-2.16mm) and gasopline and distilates saw the 8th week in a row of drawdowns but Cushing's 276k build pushed it to a new record high as US crude production rose once again to its highest sine August 2015.

WTI/RBOB Extend Gains After Biggest Crude Inventory Draw Of 2017

WTI/RBOB prices jumped intraday on the heels of anonymous and ambiguous headlines about Saudi and OPEC production cut extensions and extended gains on API inventory data. After last week's surprise builds in crude (and at Cushing), API showed a 1.3mm draw in crude inventories - the biggest since Dec 2016. Gasoline and Distilates contonued their season drawdowns also.

WTI/RBOB Slide Despite Biggest Crude Draw Since 2016

With oil surging back above $51 on hopes of a seasonal inventory drawdown, tonight's API data showed a bigger than expected draw in crude and gasoline. The reaction was a kneejerk higher in WTI as RBOB slipped lower, but amid a big build at Cushing (+1.3mm), WTI also slipped.

WTI/RBOB Spike On Inventories Data, Despite Production Surge To 14 Month Highs

WTI and RBOB prices have drifted higher after modest weakness following API's inventory data overnight and then spiked after DOE reported a smaller than expected crude build, and bigger than expected gasoline and distillate draws. Following the lage rig count data, US crude production rose once again to its highest since Feb 2016.

RBOB Tumbles After Lower Than Expected Gasoline Draw

After an early spike on Libya production fears and OPEC production cut extension hope, WTI and RBOB faded all day on dollar strength ahead of the API data. The trend of builds in Crude and draws in gasoline and distillates continued but the gasoline draw was notably less than expected and has sparked selling in RBOB.

WTI/RBOB Plunge After Inventory Hits Record High, Production Surges

After a sizable build in crude and draw in gasoline overnight from API, WTI and RBOB are lower (legged down on Libya production news). DOE data confirmed the API data with a sizable crude build and gasoline and distillates extending their draw streak. US crude production rose once again - the highest in 13 months.

WTI/RBOB Pump'n'Dump After Surprise Inventory Data

After last week's surprise draw (but big build at Cushing), API reports a bigger than expected crude (and Cushing) build and bigger than expected draw in Gasoline inventories. For now, both WTI and RBOB kneejerked higher but WTI faded very rapidly.

WTI/RBOB Sink As Production Surge Trumps Inventory Drawdowns

API's surprise crude draw sparked a recovery off Saudi production lows overnight in WTI and RBOB, and DOE's data confirmed it with a 237k crude draw (against expectations for a 3.13mm build). Cushing saw the biggest build since the first week of December but Gaosline and Distillates saw big draws. However, yet another surge in US crude production appears to have trumped the inventory data and WTI/RBOB are fading for now.

WTI/RBOB Kneejerk Higher After Unexpected Inventory Drawdown

After the Saudis spoiled the energy party early on (and tried to talk it back for the rest of the day), API reported an unexpected 531k Crude draw (the first drawdown in 2017). While Cushing saw a notable build (over 2mm - biggest since Dec 2016), Gasoline and Distillates had big draws and that sent WTI and RBOB prices higher.