WTI/RBOB Extend Gains After Biggest Crude Inventory Draw Of 2017

Tyler Durden's picture

WTI/RBOB prices jumped intraday on the heels of anonymous and ambiguous headlines about Saudi and OPEC production cut extensions and extended gains on API inventory data. After last week's surprise builds in crude (and at Cushing), API showed a 1.3mm draw in crude inventories - the biggest since Dec 2016. Gasoline and Distilates contonued their season drawdowns also.

 

API

  • Crude -1.3mm (-1.5mm exp)
  • Cushing (+800k exp)
  • Gasoline -3.7mm (-1mm exp)
  • Distillates -1.6mm (-1mm exp)

Bigest crude draw of the year as the seasonal draws in gasoline and distillates continues...

 

And the reaction - after WTI has risen for 6 straight days - was further gains for both oil and gasoline futures...

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LawsofPhysics's picture

So, real commodities that are of real value might be catching bid?

Optimistic I know....

Regardless, the casino is still open, place your bets...

Turin Turambar's picture

These numbers are about as legitimate as those of the BLS.  All a bunch of lies used to manipulate prices.

adr's picture

FUCK THIS BULLSHIT!!!!!

The RBOB contract has risen over almost $.25 on the back of nothing.

Didn't the algos get the memo that we always get inventory draws this time of year and nearly the entire draw was exported oil that didn't exist prior to last year. Had it not been for the lifting of the export ban, there would be a few hundred million more barrels in inventory.

Extension of fucking OPEC cuts that still leave production at a record high vs any time other than January of 2015.

ALL TRADERS MUST DIE!!!!!!!!!

bannedonce's picture

4 Dollar gas here we come. Imagine if oil hits 100 again...we'll be dealing with Europe prices on regular unleaded. I might start walking the 50 miles to work...