WTI/RBOB Rebound After Surprise Crude Draw

Dollar strength today did not help the energy complex as WTI/RBOB slipped lower into tonight's API data, but a surprise crude draw sparked a rebound in oil prices after hours.

 

API

  • Crude -907k (+2.9mm exp)

  • Cushing -2.644mm

  • Gasoline +1.644mm

  • Distillates -3.563mm

After 3 weeks of builds, API reports a crude draw this week and notable draw in Distillates inventories also...

 

OPEC has “taken a lot of production off the table, but it’s just being replaced by U.S. production to a large degree,” Bob Yawger, director of the futures division at Mizuho Securities USA Inc. in New York told Bloomberg. Cartel members recently sought to reassure investors about their resolve but “the market’s not buying it.”

But prices kneejerked higher after tonight's API data showed a surprise (small) crude draw...