WTI, RBOB Prices Slide After Biggest Inventory Build Since October

Tyler Durden's picture

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.

 

API

  • Crude +5.83mm (+3mm exp)
  • Cushing -906k (-700k exp)
  • Gasoline +2.86mm
  • Distillates+2.27mm

The crude build is the biggest since October. This is the 5th weekly build in Gasoline in a row...

 

And despite WTI's seeming magnet to $53, the API data pushed both crude and RBOB lower...

 

The market “is starting to pay some attention to the fundamentals. It’s hard not to see U.S. production slowing down the impact of OPEC,” James Williams, an economist at London, Ark.-based energy-research firm WTRG Economics, says by phone

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
knukles's picture

 

 

                    UNFUCK AMERICA

scv's picture

heard this guy pass the emissions a few times using nail polish remover in his tank

ToSoft4Truth's picture

I paid $1.84 per gallon self-serve, 89 octane for gasoline in my area the other day. 

 

I thought the price decreases were due to Obama selling off the reserve. 

King Tut's picture
King Tut (not verified) ToSoft4Truth Jan 31, 2017 6:23 PM

The stations in this area all raised prices by 35cents yesterday just cuz they felt like it- 1.95 to 2.30 in the blink of an eye.

Hohum's picture

Isn't this the time of year for builds?  This table seems to indicate so:

https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCESTUS1&f=W

roadhazard's picture

I just paid $1.99 a gal. today.

NoWayJose's picture

Psssst - it's January!! It's cold and snowy! Everyone got their credit card bills for Christmas!! No one can afford gas nor do they want to travel!!

Van G's picture

The ShepWave analysts have been calling oil too.

 

Here are some of their free charts

 

https://www.facebook.com/166578775325/photos/a.10153488951800326.1073741...

LowerSlowerDelaware_LSD's picture
LowerSlowerDelaware_LSD (not verified) Van G Jan 31, 2017 9:10 PM

It is SO sad that this failed trader  - ScamWave - has to resort to spamming the  ZH comments section  to earn enough to move out of his Mom's basement.  Time stamped PROOF!...

Please don't give him the satisfaction of seeing his site hit counter go up from ZH clicks. He's not very bright, but eventually he’ll go away if his spam scam doesn't bring income from ZH.

The spammer has registered the following spam accounts on ZH to promote their scam.  Watch how he uses his multiple spam accounts to give himself thumbs ups and "talk" to himself, pretending to be multiple people praising ScamWave. - 4Xleverage, AliSONY, Babs.St.Louis, Billy G, Chi Juan, Dr.Carl, ErikE, FemDayTrader, FRLEPU, Irvingm, jasony, John Beau, KanSass, KC Spike, lostinhedge, MadhyaBharatx, Marilee, MexInvest, MikeM54, Miss Lou, Mon T, P Christmas Carole, Penny Trader, Pinky and the Brain, PUNE,  RoBERTAZ, RonnieM, RudolPHDs, Sonya B59, Stan Your Man, StevieTexie, Timming, Van G, Virginia Wooolf, wisetrader224, and xantippa

wolfeman's picture

Looking for one dollar gas, then I will refill my 10 50 gallon barrels.

7point3's picture

Build after build after build...I mean what does it take to make the oil price move lower.