WTI held above $57 heading into the API print on the heels of Saudi chaos but both WTI/RBOB kneejerked lower after API reported a lower than expected crude draw and a surprise gasoline build.
- Crude -1.562mm (-2.45mm exp)
- Cushing +812k
- Gasoline +520k (-1.85mm exp)
Following the previous week's big gasoline draw and notable crude draw, the last week - according to API - saw a surprise gasoline build and smaller than expecred crude draw. Also of note was a big build in stocks at Cushing.
WTI/RBOB were quiet heading into the print and kneejerked lower as the data hit...
“There’s no doubt that we got a little bit overbought,” Phil Flynn, senior market analyst at Price Futures Group Inc. in Chicago, said by telephone to Bloomberg.\
Investors remain focused on tensions in Saudi Arabia, as “the market pays more attention to geopolitical risk.”