API reported a significant crude draw yesterday and after last week’s record US exports and biggest crude draw in two years, DOE reported a surprising crude build of 1.245mm barrels and sent WTI/RBOB tumbling.
API
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Crude -4.5mm
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Cushing -2.6mm
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Gasoline -3.00mm
-
Distillate -438k
DOE
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Crude +1.245mm (-5mm exp)
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Cushing -2.113mm (-2mm exp)
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Gasoline -1.505mm (-750k exp)
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Distillate +134k
Following last week’s massive crude draw (biggest in 2 years) and API’s 4.5mm draw, DOE reported
“The acute shortage at Cushing is creating an additional headache,” Energy Aspects analysts say in note. “The priority for the physical market right now is to refill Cushing in August as we will reach tank bottoms at the hub in July”
U.S. Weekly Canada Crude Imports at highest on record.
All eyes were on US crude production once again to see if the Permian pipeline bottlenecks were still holding back output…and for the 3rd week in a row production was unchanged.
Which fits with the discounts being offered to take that oil off their hands….
WTI-Brent spread has collapsed from its double-digit levels but in recent days has started to widen once again (not helped by threats to shut Middle East transport channels).
WTI (down) and RBOB (up) were mixed heading into the data but the surprise crude build sparked instant selling…
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