After API reported a surprise crude build overnight, all eyes are on the DOE data this morning which showed a smaller than expected crude draw (-1.07mm vs 2.32mm exp) but still a draw (for the 10th week in a row) compared to API's build.
As Bloomberg's Julian Lee notes, cold weather and a growing list of refineries undergoing maintenance probably cut crude intake for a third week. Along with rising production, this could be enough to halt the downward trend in inventories - at least for now.
- Crude +4.755mm (-2mm exp) - biggest build since September
- Cushing -3.572mm(-2.2mm exp)
- Gasoline +4.117mm (+2.2mm exp) - 11th weekly draw in a row
- Distillates -1.28mm (-1.1mm exp)
- Crude -1.07mm (-2.32mm exp)
- Cushing -3.15mm (-2.2mm exp)
- Gasoline +3.1mm (+2.2mm exp)
- Distillates +639k (-1.1mm exp)
DOE data flipped the narrative from API and saw the 10th weekly crude draw in a row (though smaller than expected) and 11th weekly gasoline draw in a row..
US crude production surged back from its weather-impacted plunge to a new record high last week...
Getting ever closer to topping Saudi production...
- US oil production: 9.878MMbpd
- Saudi Arabia oil production: 9.918MMbpd
WTI rebounded a little overnight from the API tumble but RBOB was weak heading into the DOE data. WTI pushed back up above its pre-API level and after a delay, RBOB followed...
WTI is back above $65 for the first time since Dec 2014