WTI/RBOB Extend Gains After Bigger Than Expected Crude Draw

WTI/RBOB inched higher on the day ahead of tonight’s API data and then knee-jerked higher as the data showed a much-bigger-than-expected 5.2mm crude draw.

API

Crude -5.2mm (-440k exp)

Cushing +70k

Gasoline +2.001mm (+2.45mm exp)

Distillates -2.85mm (+250k exp)

A very mixed bag as the series of crude draws continues and gasoline builds… This is the 5th week in a row of Crude draws and gasoline builds. If Cushing data is confirmed tomorrow, this will bring an end to the 5 week destocking.

“Export numbers have definitely been stronger than anything we’ve seen in recent history,” says Brad Hunnewell, senior equity analyst at Rockefeller. “That’s going to be an important driver to watch.”

WTI/RBOB prices had lifted into the API print but the machines got very confused as the data hit with RBOB dropping before joining crude higher…