WTI/RBOB Tumble As US Crude Inventory Hits Record High

Tyler Durden's picture

Following last week's massive inventory build (and hope for improved gasoline demand), API reports another much bigger-than-expected build (Crude +9.94mm versus +3.5mm exp) and WTI and RBOB prices tumbled.

 

API

  • Crude +9.94mm (+3.5mm exp)
  • Cushing -1.27mm (+500k exp)
  • Gasoline+720k
  • Distillates +1.5mm

This wil be the 6th weekly build in a row for crude (and 3rd week of major builds)...

 

If the DOE data is anything loike the API data then this will be a new record for US crude inventory...

 

Notably Energy stocks and the broad market decoupled for now from oil prices...

 

As one trader noted, “Right now, the dollar is affecting the market more than anything,” but WTI and RBOB algos reacted immediatley with selling pressure (WTI below $53)

 

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Laderic's picture

20 cent tumble, wow

SILVERGEDDON's picture

YEAH, TOTALLY SEEING THE DROP IN PUMP PRICES. 

Asshole fucking futures traders prolly add at least a 30% premium to the price per gallon. 

jmack's picture

your own ignorance adds far more, because you vote in politicians that tax and regulate fuel to those high prices.   But hey, its the traders fault....

GUS100CORRINA's picture

Someone or something is keeping CRUDE UP.

The DEEP, DARK STATE under DEMONIC control setting system up for some sort of event.

Question: WHERE IN THE HELL ARE THEY STORING ALL THIS PRODUCT????

SOMEONE IS LYING BIGTIME.

voxale's picture

With all the bearish news, oil should be at 40. But it's not.  Time to light up Iran? 

nsurf9's picture

Don't think of it as oil - think of it as a world reserve currency!

yngso's picture

Yup, actually worth something, which the USD petrodollar ain't.

NoWayJose's picture

Great time to sell oil from the Strategic Petroleum Reserve! Idiots! At least wait until the Fourth of July!!!

PoasterToaster's picture
PoasterToaster (not verified) Feb 14, 2017 5:59 PM

Remember when the WTI was around $30 not too long ago?

Snaffew's picture

they'll either massage the data to their liking or put a positive spin on the bad news and ramp the price.  The manipulative games will never end.

FreeShitter's picture

DOE will be manipulated....BDI at 688 now and falling

John Law Lives's picture

Cue a greedy oil sheikh to release a Tweet re. OPEC compliance to boost oil prices in 3,2,1...

Black_Gold_FUBAR

yngso's picture

No no no, the greedy US banksters with cheap Fed money are the oroblem.

luri's picture
luri (not verified) Feb 14, 2017 6:50 PM

WHAT A FUCKING SCAM! SAUDI ARAMCO IPO REQUIRES THAT WTI IS ABOVE 50$ OR THEY WILL PULL THE DEAL.

 

THAT IS WHY OIL WILL NOT DIP BELOW 50 REGARDLESS OF THE BUILD AS LONG AS THAT IPO IS SITTING OUT THERE.

IT IS CALLED FRAUD. IT IS CALLED STEALING. IT IS THE BUSINESS MODEL OF THE BANKS!

 

SO THE BANKS ARE DOING THE HEAVY LIFTING RIGHT NOW, MAKING SURE THEY 'LEVITATE' PRICES...

sinbad2's picture

The banks are very exposed to the oil industry, if they valued the assets backing the loans at market value, the oil companies and the banks would collapse. So they pretend oil is still at $100, it's called fraud.

yngso's picture

Yup, US banksters are propping US oil, and the Saudis get the blame when things go south.

TacticalTrading's picture

If he used the word CRASHED in stead of TUMBLED he would get more hits

adr's picture

So the DOE confirms the build in crude but claims a surprise draw in gasoline like last week and oil goes up 8%.

You don't even need a crystal ball. 

Oh,  and yes it is the fault of futures trading. Tell me again where 98% of the traders would put a barrel of oil if they were forced to take delivery? 

Stormtrooper's picture

Well, they could dump the oil down the storm drain and turn the barrel into a smoker grill.  $55 bucks is cheap for a smoker grill.  Of course, the $100,000 dollar fine from the EPA for dumping the oil into the storm drain would offset most of their savings for the grill.

silverer's picture

Unless you dump it in Al Gore's yard at night.

silverer's picture

Another surprise, I suppose.

yngso's picture

Look at the difference betwen where energy stocks and the WTI are going.

yngso's picture

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