WTI/RBOB limped higher after dropping on API’s surprise crude build overnight, but when DOE reported a massive 6.78mm crude build (breaking 10-week streak), oil prices began to drop again. RBOB rallied as Gasoline inventories drew-down for the first time in 12 weeks.
The crude build was much bigger than usual, thanks to the highest imports since August, another rise to oil production and U.S. refiners lowering their oil inputs. We are now only 81,000 barrels a day away from the 10 million barrel threshold in crude production…
API
DOE
The streak of crude draws and gasoline builds is over…
All eyes were on production this week to see if the magic 10k mark was crossed… It did not make it BUT did rise notably to 9.919mm b/d…
Inching ever closer to topping Saudi Arabia…
RBOB rallied and WTI sank after the DOE data…
But of course, the machines did not like that and pumped WTI higher…
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