Oil Holds Losses After Inventory Data Shows More Builds

Having tumbled to a $50 handle during the day session, WTI Crude whipsawed to unchanged after API reported 1.53mm crude build (in line with expectations), a Cushing draw, and builds again (after last week's massive builds) for gasoline and distillates.

 

API

  • Crude +1.53mm (+1.5mm exp)
  • Cushing -187k
  • Gasoline +1.69mm
  • Distillates +5.48mm

After a big crude draw and massive product inventory builds last week, it appears things have calmed down a little...

 

The reaction was a quick jump higher and fade back to unch...

 

And finally we note that:

  • *GUNDLACH EXPECTS OIL TO VACILITE IN $45-$55 RANGE IN 2017