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.
Following last night's API-reported unexpected draw in crude, the energy complex was on a tear heading into the DOE data... but that ended quickly with a surprise build in crude and smaller than expeccted draws in gasoline and distillates. WTI/RBOB are notably lower on the data. Another rise in production further stressed markets.
"It’s been kind of worst-case scenario for the bulls... Mother nature continues to be bearish, ultra-bearish... The utter lack of (heating) demand is, in my opinion, 99.9 percent of the natural-gas story."
Vincent Viola, the billionaire founder of trading firm Virtu Financial, has withdrawn his nomination to be Secretary of the Army after distancing himself from his business ties proved too difficult. He becomes the first Trump nominee to withdraw from nomination.
WTI (and RBOB) prices slid lower into the NYMEX close ahead of API's report tonight that showed further major builds in crude and products. Crude saw inventories rise 5.83mm barrels last week - the most since the end of October and while Cushing saw its 4th weekly draw in a row, Gasoline and Distillates both saw major builds.
Following last week's surge in crude and product inventories, API reported a much bigger than expected drawdown in crude inventories ( versus -1mm expectations). While this spiked WTO prices, they fell back amid massive builds in gasoline (9.75mm) and distillates.
Both CME and ICE publish reports showing warehouse inventories of gold in two categories, Eligible gold and Registered gold. Most importantly, however, both reports are technically incorrect for the approved vaults that they have in common because neither Exchange report takes into account the Registered gold reported by the other Exchange.
President-elect Donald Trump has announced the nomination of Vincent Viola as secretary of the Army. Viola is a retired paratrooper, former chairman of NYMEX, founder of HFT trading powerhouse Virtu Financial and current owner of the NHL’s Florida Panthers team.