WTI Crude Shrugs Despite Biggest Cushing Inventory Build In 21 Months

With OPEC headlines driving every tick today (and machines seemingly going to sleep late on), we suspected tonight's API inventory data would be a non-event and the reaction was indeed muted as crude inventories drewdown 717k barrels (against expectations of a 577k build). The bigger deal was much more than expected builds at Cushing (biggest build since March 2015) and also notable builds in Gasoline and Distillates.

 

API

  • Crude -717k (+577k exp)
  • Cushing +2.3mm (+26k exp) - biggest since Mar 2015
  • Gasoline +3.36mm (+1.19mm exp) - biggest since Jan 2016
  • Distillates +2.24mm (+1.45mm exp) - biggest since Sept 2016

The biggest Cushing build since March 2015 and despite a small crude draw, products also saw notable builds...

 

And the reaction in WTI Crude (after seemingly finding support at $45 the figure) was a big fat nada...