Update: WTI and RBOB are now higher, because nothing but algos matter...
And here's what happened next...
* * *
As we detailer earlier, DOE confirms API's major builds in Crude, Gasoline, and Distillates sending WTI and RBOB prices tumbling. US crude production declined in the last week but remain on an upward trajectory with rig counts as East Coast gasoline inventories hit an new all-time record high.
- Crude +5.83mm (+3mm exp)
- Cushing -906k (-700k exp)
- Gasoline +2.86mm
- Crude +6.46mm (+3mm exp)
- Cushing -1.25mm (-200k exp)
- Gasoline +3.866mm (+1.5mm exp)
- Distillates +1.4568mm (-500k exp)
The 5th weekly build in gasoline and the biggest build in crude since October...
- *EAST COAST GASOLINE STOCKPILES RISE TO RECORD 73.54M BBL
Puttin the gasoline rise in context, we are again above the all time high range:
OPEC's good work in boosting the price through output restraint is being undone by surging inventories. Crude stockpile up more than twice as much as expected in Bloomberg's survey.
Production fell in the last week but the trend is clear...
and the reaction is a drop in both WTI and RBOB...