WTI/RBOB Drop After Surprise Gasoline Build

Tyler Durden's picture

WTI held above $57 heading into the API print on the heels of Saudi chaos but both WTI/RBOB kneejerked lower after API reported a lower than expected crude draw and a surprise gasoline build.

 

API

  • Crude -1.562mm (-2.45mm exp)
  • Cushing +812k
  • Gasoline +520k (-1.85mm exp)
  • Distilates-3.133mm

Following the previous week's big gasoline draw and notable crude draw, the last week  - according to API - saw a surprise gasoline build and smaller than expecred crude draw. Also of note was a big build in stocks at Cushing.

 

WTI/RBOB were quiet heading into the print and kneejerked lower as the data hit...

“There’s no doubt that we got a little bit overbought,” Phil Flynn, senior market analyst at Price Futures Group Inc. in Chicago, said by telephone to Bloomberg.\

Investors remain focused on tensions in Saudi Arabia, as “the market pays more attention to geopolitical risk.”

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Tugg McFancy's picture

321... before adr tells us gas should be at $2 AGAIN

serotonindumptruck's picture

So, we can all look forward to $60 bbl oil and $4 a gallon gas?

coast1's picture

build drop,,,build up,,,build drop...build up..every day it is different...Somebody is making tons of money off of propaganda and machines ie: computers...

Youri Carma's picture

Has nothing to do with geopolitical risk but more with U.S. banks in connection with shale.

DrumpFired's picture

Not even that. It is all rigged. The biggest pressure is the climate change crap

DrumpFired's picture

All a scam. The guys at SHEPWAVE have not gotten back with me. Betcha they are consulting with their oil insiders. The so-called mysterious MR T. Whatever just what is nexr for crude. I am thinking since their bounce targets are getting hit they may change some. Nailing stocks in short term but they need to step up their oil game for aggressive traders.

coast1's picture

great then...go with shepwave...What if I started posting everyday about Jesus?  You would get tired of it...Buy from shepwave and stfu..make your money and enjoy your vacation...leave the rest of us alone ok? 

how about a video:  https://www.youtube.com/watch?v=nCuLoVI1RP0

adolphz's picture

Shit wave posters are annoying because shot wave is annoying. But he is right. Probably only analysis getting markets right.

Sphira's picture

Up voted for the Danny Kaye link

adolphz's picture

You do repeat  yourself. 

Late onset ADHD's picture

I miss "true price discovery"... a lot...

it's been relegated to "Santa" status...

but this has got to make the Saudi IPO look delicious... pathetic on steroids... fuck you Mohammed bin Salman - you're a dangerous fuck...

Sphira's picture

UWTi

DWTI

Went away...last fall...why is that I asked me

I Am I Said

Rigged....count up

https://m.youtube.com/watch?v=sxDyXK93o6g

 

topspinslicer's picture

Always with the gomer Pyle surprise surprise surprise

Privyet_Jet's picture

SUPRRISE MOTHA FUCKA