After the Saudis spoiled the energy party early on (and tried to talk it back for the rest of the day), API reported an unexpected 531k Crude draw (the first drawdown in 2017). While Cushing saw a notable build (over 2mm - biggest since Dec 2016), Gasoline and Distillates had big draws and that sent WTI and RBOB prices higher.
- Crude -531k (+3.13mm exp)
- Cushing +2.06mm
- Gasoline -3.875mm (-2mm exp)
- Distillates -4.07mm
The unexpected crude drawdown ends the 9 week streak of builds, but Cushing's build was the largest in over 3 months. This is the 4th weekly draw in Gasoline (seasonally appropriate)
The overnight drop in WTI leaked back higher after the Saudis tried to explain why/how they cheated (note, RBOB managed to get green by the close). Notice the small run higher in WTI/RBOB before the data was released, then jumped as the data hit... RBOB tagged 1.60 stops and WTI 48.50...