WTI/RBOB sank on the day as Macron suggested a new Iran Deal that may work for President Trump, but after API reported a surprise crude build (+1.099mm vs -2.25mm exp), energy prices kneejerked lower.
Macron “has quickly switched to ‘let’s negotiate a new deal.’ It was a bit of a surprise,” said Bob Yawger, director of futures at Mizuho Securities USA Inc. in New York.
“It would be a deal that would get everyone involved and try to avoid a confrontational situation. It does seem to be a situation that would hopefully not involve taking barrels off the market.”
API
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Crude +1.099mm (-2.25mm exp)
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Cushing -930k (-150k exp)
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Gasoline -2.724mm
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Distillates -1.911mm
Investor expected a follow up to last week’s surprise crude draw but were surprised by a crude build. Cushing along with products all saw inventory draws again…
“A lot of people are just waiting for the stats to come out,” said Thomas Finlon, director of Energy Analytics Group LLC in Wellington, Florida, and after API’s print, prices kneejerked lower before recovering somewhat…
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