With OPEC headlines driving every tick today (and machines seemingly going to sleep late on), we suspected tonight's API inventory data would be a non-event and the reaction was indeed muted as crude inventories drewdown 717k barrels (against expectations of a 577k build). The bigger deal was much more than expected builds at Cushing (biggest build since March 2015) and also notable builds in Gasoline and Distillates.
- Crude -717k (+577k exp)
- Cushing +2.3mm (+26k exp) – biggest since Mar 2015
- Gasoline +3.36mm (+1.19mm exp) – biggest since Jan 2016
- Distillates +2.24mm (+1.45mm exp) – biggest since Sept 2016
The biggest Cushing build since March 2015 and despite a small crude draw, products also saw notable builds…
And the reaction in WTI Crude (after seemingly finding support at $45 the figure) was a big fat nada…
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