Following last week's builds overall and at Cushing, and Genscape's Cushing build warnings, expectations were for a 3.3m build overall (and 700k build at Cushing). API reported a massive 9.9mm build - the largest since April 2015; and a yuuge build at Cushing of 1.8mm (most in 3 months). Gasoline saw a draw but Distilates a notable build. Following today's v-shaped recovery in WTI, and NYMEX close ramp, the API data has sent crude reeling.
- Crude +9.9mm (+3.3mm exp)
- Cushing +1.8mm (+700k exp)
- Gasoline -2.2mm (-1.1mm exp)
- Distillates +2.7
And the reaction in Crude is clear...