WTI/RBOB Jump After Smaller Than Expected Crude Build

Tyler Durden's picture

After last week's record-breaking draw in Gasoline stocks, and big crude build, the noise from Harvey and Irma disruptions continues to add volatility to the data. API reported a smaller than expected crude build and bigger than expected gasoline (and distillates) draw sent prices for both WTI and RBOB higher.

 

API

  • Crude +1.43mm (+3.9mm exp)
  • Cushing +420k (+900k exp)
  • Gasoline -5.063mm (-2.13mm exp)
  • Distillates-6.13mm

A smaller than expected crude build and considerably bigger than expected draws in gasoline and distillates...

 

WTI and RBOB prices slipped lower on the day heading into the API print with Crude glued at $50...The kneejerk reaction was a spike in both WTI/RBOB...

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coast1's picture

must be nice...the insiders can trade on WTI, and then put out an up or down crude draw memo, and make millions...

NoWayJose's picture

Yup - they released fake 'bearish' numbers all summer to push down oil and oil stocks - then loaded up because they were 'cheap'. I jumped in big on oil services, had to hold on during a quick WTF loss of almost 10%, but now I am back to a bit over even and hope they keep pushing the up button. Strange how the bear stories have turned to bull!

tion's picture

Still only two comments?  I think the REEEE WTI is on it's way to $20 crowd is now too busy REEEE'ing about bitcoin being in a bubble.  Will LGCYP ever pay out its deferred dist? =/

Sapere aude's picture

There is no oil glut, there was no oil glut, it was a dedicated campaign of MISINFORMATION

It will end in tears and $100 oil before going even higher as other world economies realise we have pushed world oil production as far as it will go and its all downhill on oil production thereafter.

That prospect was why we have the dodgy climate change figures, the views of 'pseudo scientists' where 99% of them are paid directly or indirectly in pursuit of climate change, and anyone having temerity to challenge is labelled a 'climate change denier' in terms reminiscent from Nazi Germany.

The major oilfields are in terminal decline, hence why shale was ever considered in the first place!

Ghawar and other Super Giant Fields are over the top and their ultra mature status is easily ascertained by virtue of the fact they are all undergoing Enhanced Oil Recovery Methods including water flooding, which in desert wells is not cheap!

There are under developed countries out there and those smashed to pieces by war that will require billions of barrels of oil to rebuild let alone sustain a standard of living that they demand, just as we have washing machines, freezers, dishwashers, whereas as yet these people don't even have reliable running water supplies or power supplies.

The myth of renewables displacing hydrocarbons was part of that game, and its actually the opposite, whereby the powers that be know that oil production cannot possibly match demand in the very near future, that the games on renewables took place at all, along with the biggest subsidies this planet has ever seen, along with closing their eyes to the toxic production some of this stuff requires.

Very very soon, this chirade will be over, but only when idiots stop believing the fake news about oil gluts, and start to look at the facts themselves.

1 if renewables are making such inroads, why is world oil production required to produce another 1,600,000bopd next year?

2 if renewables can compete, then its strange that they don't, without billions upon billions of dollars of subsidy

3 Al Gore's 'inconvenient Truth' how many of the predictions came to be? One prediction I made was that it would make Mr Gore very rich. That's probably the most successful prediction of them all.