WTI/RBOB Drop After Surprise Gasoline Build

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.

 

API

  • Crude -1.562mm (-2.45mm exp)
  • Cushing +812k
  • Gasoline +520k (-1.85mm exp)
  • Distilates-3.133mm

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.”

Comments

coast1 Tue, 11/07/2017 - 16:54 Permalink

build drop,,,build up,,,build drop...build up..every day it is different...Somebody is making tons of money off of propaganda and machines ie: computers...

DrumpFired Tue, 11/07/2017 - 17:07 Permalink

All a scam. The guys at SHEPWAVE have not gotten back with me. Betcha they are consulting with their oil insiders. The so-called mysterious MR T. Whatever just what is nexr for crude. I am thinking since their bounce targets are getting hit they may change some. Nailing stocks in short term but they need to step up their oil game for aggressive traders.

Late onset ADHD Tue, 11/07/2017 - 17:26 Permalink

I miss "true price discovery"... a lot...it's been relegated to "Santa" status...but this has got to make the Saudi IPO look delicious... pathetic on steroids... fuck you Mohammed bin Salman - you're a dangerous fuck...