Following last week's surge in crude and product inventories, API reported a much bigger than expected drawdown in crude inventories ( versus -1mm expectations). While this spiked WTO prices, they fell back amid massive builds in gasoline (9.75mm) and distillates.
- Crude -5.042mm (-1mm exp)
- Cushing -1.01mm (-500k exp)
- Gasoline +9.75mm
- Distillates +1.17mm
Another massive build in gasoline inventories offsets the exuberant price action from a big draw in crude and cushing... (though notably there is a seasonal norm here)
WTI had slipped to a $51 handle before the NYMEX close today on USD strength, and whipsawed wildly on the API print...