WTI Crude Rises After Big Drawdown In Gasoline, Distillate Inventories

Tyler Durden's picture

Following last week's record build in crude inventories, API reported a bigger than expected crude build this week (+4.40mm vs +2mm exp), but the huge draw in gasoline was the most notable (-3.6mm vs -1.5mm exp) as we suspect Colonial pipeline fallout affected levels. Distillates also saw the 7th consecutive draw (-4.3mm). WTI's initial reaction to the crude build was lower but the product draw sent priecs higher.

API

  • Crude +4.40mm (+2mm exp)
  • Cushing +156k (+300k exp)
  • Gasoline -3.6mm (-1.5mm)
  • Distillates -4.3mm

Following last week's biggest crude inventory build ever, crude built again but products saw a major drawdown...

 

WTI Crude futures prices are down from around $50 to $44 in the last two weeks (and down from last week's big build)... WTI was around $47 before last week's API print... Prices dipped on the crude build butthe product drawdowns sparked buying..

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hardmedicine's picture

SO WTI WENT DOWN THEN?

froze25's picture

Blackman Video bombing MSNBC news today while in the polling station while live reporting. With a make America Great Again red hat on.   https://mobile.twitter.com/welovetrump/status/796071683958439937/video/1

 

LawsofPhysics's picture

Time to replentish those distillates and gasoline...

You think America is going to stop consuming?   LOL!!!

   ...plenty of demand motherfuckers.

King Tut's picture
King Tut (not verified) LawsofPhysics Nov 8, 2016 5:26 PM

WTF is "replentish"?

Not Goldman Sachs's picture

increase petrol....must be winter driving season. Oh wait, Churn.

adr's picture

So refiners are stockpiling cheap crude to turn into really expensive gasoline with the largest margins in history when RBOB spikes up.

sinbad2's picture

But even with their ripoff margins ExxonMobil is losing a bucket of money everyday.

The Wizard's picture

Election is over, "pump" up those prices.

Billy Shears's picture

These numbers make me seasick, what a joke!

Madcow's picture

I don't see a market for "oil" as the West descends into anarchy and cannibalism.