Against expectations of a 3mm draw for Crude (and 900k draw for Cushing), API followed last week’s surprisingly large draw (later dismissed by DOE) with an even more surprising build (2.2mm) this week – the biggest build in 10 weeks. Cushing saw a smaller than expected draw but Gasoline and Distillates saw major builds. Crude had rallied aggressively all day into the print (though remained below API’s print level last week) and immediately started to give it back when the data hit.
API:
- Crude +2.2mm (-3mm exp)
- Cushing -166k (-900k exp)
- Gasoline +1.5mm
- Distillates +2.6mm
The biggest build in crude stocks in 10 weeks… And Distillates build was yuuge…
And WTI Prices are sliding having never made it back to last week’s pre-API levels…
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